11:19 am September 14, 2009, by Kyle Wingfield
Over the weekend I caught a commercial in which new GM Chairman Ed Whitacre — the one who, upon taking his new jobs, famously said he doesn’t “know anything about cars” — touted a 60-day guarantee on the company’s vehicles. If you buy a GM product and find it unsatisfactory within 60 days (or 4,000 miles, whichever comes first), you can return it and get your money back.
So much for a car losing a great deal of its value when you drive it off the lot. This is one heck of a test drive.
This would seem to be a risky move for a company that was doing so poorly that it needed a $50 billion bailout from the federal government earlier this year. But what exactly is GM risking here? Not its money, but ours: Taxpayers, via the U.S. Treasury, own 61 percent of the company…so we are the ones guaranteeing GM’s products.
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