Though General Motors has made a big deal about allegedly paying back their bailout loan to the federal government, the fact is that most of the bailout money was turned into equity, which means the government -- and ultimately the taxpayers -- are the majority shareholder in the car maker. That's why some members of Congress are a little upset about GM's continued practice of destroying important documents.
GM is just trying to comply with Sarbanes-Oxley.
ReplyDeleteThe shredding of documents when the become of a certain age is required by law, and the retention of documents is also