GM pays off its bailout loans

GM pays off its bailout loans

There are 3 comments on the CNN Money story from Apr 21, 2010, titled GM pays off its bailout loans. In it, CNN Money reports that:

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.

Join the discussion below, or Read more at CNN Money.

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.

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