Has GM settled its debt with the government?

If you’ve watched any TV in the last week, you’ve likely seen the TV ad with GM CEO Ed Whitacre boasting, “We have repaid our government loan, in full, with interest, five years ahead of the original schedule.”

It’s true that GM has squared up on its government loans, but Whitacre isn’t telling the full story here.

For example, he doesn’t mention that more than $40 billion the U.S. government invested in GM stock, which most experts agree taxpayers are unlikely to ever see a full return on.

We rated Whitacre’s statement Half True.