It's a start, anyway:[quote]General Motors has made a final payment of $5.8 billion to the U.S. and Canadian governments, paying off the last of its $6.7..."/>

REAL WORLD EVENT DISCUSSIONS

GM pays off its bailout loans

POSTED BY: NIKI2
UPDATED: Wednesday, April 21, 2010 16:07
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VIEWED: 514
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Wednesday, April 21, 2010 8:10 AM

NIKI2

Gettin' old, but still a hippie at heart...


It's a start, anyway:
Quote:

General Motors has made a final payment of $5.8 billion to the U.S. and Canadian governments, paying off the last of its $6.7 billion in loans, the company said Wednesday.

"I am very pleased to announce that, as of today, General Motors has repaid, in full and with interest, the loans made last July by the U.S. Treasury and Export Development Canada," said GM chief executive Ed Whitacre, speaking at a plant in Fairfax, Kan., where GM builds Chevrolet Malibu and Buick LaCrosse sedans.

Whitacre also announced that GM would make two big investments for production of the next-generation Malibu: $136 million in the Fairfax facility, which will become the primary production point for the car, and $121 million in its Detroit-Hamtramck plant, which will provide additional production at times of peak demand.

GM has already begun manufacturing the Chevrolet Volt electric car in Hamtramck, where it also makes the Buick Lucerne and Cadillac DTS large cars.

On Tuesday night, the automaker wired $4.7 billion to the U.S. Treasury Department and $1.1 billion to Canada.

Overall, GM received $50 billion in federal help. In return, the government got $2 billion in preferred stock and 61% of the company's privately held common shares.

Taxpayers could recoup money from a possible sale of GM stock to the public in the future.

A White House report issued shortly after GM's announcement was upbeat on the progress that both General Motors and Chrysler have made since coming out of bankruptcy but noted that the government would likely not make a profit on the funds it had invested.

"Overall, the investments made by the prior and current administration in GM, Chrysler, and GMAC will likely result in some loss, but the U.S. Treasury anticipates it to be much lower than forecast last year," the report said.

Mark Reuss, president of GM's North American operations, said in an interview with CNNMoney.com that he was "positive" that GM's stock would ultimately be profitable for taxpayers.

http://money.cnn.com/2010/04/21/autos/gm_loan_repayment/index.htm?hpt=
T2



"I'm just right. Kinda like the sun rising in the east and the world being round...its not a need its just the way it is." The Delusional "Hero", 3/1/10

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Wednesday, April 21, 2010 8:38 AM

FREMDFIRMA


Quote:

GM has already begun manufacturing the Chevrolet Volt electric car in Hamtramck, where it also makes the Buick Lucerne and Cadillac DTS large cars.

Yep, it's doomed.

Doors'll prolly fall off before they even get it on the truck.

Seriously, I thought the plant where they slapped the Focus together (now closed, sold, as good all-american Billy outsourced it all to China and Mexico) was bad ?

Hamsterhell is WORSE, a buncha UAW slob dinosaurs, stoned out slackers, and the newbies worked near unto death on a 40 hour "salary" to avoid payin overtime, to the point where they fucking pass out on the job.

I won't be buyin a Volt, that's for damn sure.

-F

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Wednesday, April 21, 2010 10:08 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


At $40,000+ per copy, you and about 99.999% of the rest of America won't be buying the Volt! :) Seems if they're gonna screw you like that, they might as well at least call it the Shocker.



Mike

"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero, Real World Event Discussions


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Wednesday, April 21, 2010 2:57 PM

TRAVELER


I think the shock will be if it sells.


http://www.imdb.com/mymovies/list?l=28764731
Traveler

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Wednesday, April 21, 2010 3:09 PM

CHRISISALL


Quote:

Originally posted by Kwicko:
Seems if they're gonna screw you like that, they might as well at least call it the Shocker.





The laughing Chrisisall


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Wednesday, April 21, 2010 4:05 PM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


Actually, Chris, I was thinking more of this one:



Jenna knows what I'm talkin' 'bout!



Mike

"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero, Real World Event Discussions


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Wednesday, April 21, 2010 4:07 PM

CHRISISALL


Quote:

Originally posted by Kwicko:

Jenna knows what I'm talkin' 'bout!




Oh, LOL, a *sick* thing... okay.


The laughing Chrisisall


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