GM pays off its bailout loans

Apr 21, 2010 Read more: CNN Money
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. Read more

Since: Jan 07

Location hidden

#1 Apr 21, 2010
So has the government reliquished it's 61% share? Nope. And don't expect to see this administration give up it's control.

“Pardon my nosiness ”

Since: May 07

London, England

#2 Apr 21, 2010
Maybe that news will keep the critics of government bailouts quiet for awhile, but I doubt it.
The loan was paid back WITH interest, also the the government got $2 billion in preferred stock and 61% of the company's privately held common shares.

Without that help from government, General motors would have gone into receivership and General Motors would have been 'No more'.
That sector of the automotive market plus it's suppliers would have gone to overseas, not to mention huge loss of jobs in this country.
Have faith in your elected government, keep jobs in the US for the sake of your countrymen/women.

“Pardon my nosiness ”

Since: May 07

London, England

#3 Apr 21, 2010
DavidH64 wrote:
So has the government reliquished it's 61% share? Nope. And don't expect to see this administration give up it's control.
Give them a chance to get the timing and the price right to sell those shares, they need to recoup their $50 billion plus make some profit before dumping them, the American taxpayers deserve it.

The government is not in the business of running a car manufacturing business, this was a forced upon desperate situation that required a desperate solution if the car industry was to stay in the US.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Buick LaCrosse Discussions

Title Updated Last By Comments
News GM recalls 300,000 sedans and SUVs for headligh... Dec '14 John Jeffery 1
News Buick bounces back with younger buyers (Apr '10) Oct '14 Ted Mabeck 30
News Cadillac XTS (Dec '12) Apr '14 casmiami 4
crankshaft sensor (Feb '14) Feb '14 rhonda watts 1
News Ford's stock tempered by downgrades (Jan '13) Jan '13 Pete 2
News General Motors Plans $120M Expansion At Fairfax... (Aug '12) Aug '12 PAUL SHYKORA arts 1
News GM: June U.S. vehicle sales best in nearly four... (Jul '12) Jul '12 Archie 2
More from around the web