False Advertising? Complaint Against General Motors Filed With FTC

Sen. Chuck Grassley, the ranking Republican on the Finance Committee, who was the first lawmaker to voice concerns about GM's TARP repayment, asked Geithner, "Have you seen this ad since your testimony last week? And isn't it a misleading ad to the average citizen?"

"I have not seen that ad. I did not see it in advance," replied Geithner. "We've been very careful to meet our commitment to make sure these companies are running themselves, and we are not in a position of deciding how they run their companies."

"I want to emphasize that we were very careful to make it clear, as we have done all this time, to lay out for the American people the full scope of our investments in these companies," he continued. "And I want to emphasize again, as I did last week, that we still retain a substantial share of equity in these companies, which we hope to reduce and will reduce very quickly over time, but those investments carry some significant risk of loss."

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