Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Just thought I'd share this:

For those of you who are always talking about how the government

 
brookebella

Asked by brookebella at 11:36 AM on Apr. 22, 2010 in Politics & Current Events

Level 1 (0 Credits)
This question is closed.
Answers (15)
  • The automaker hopes to repay the remaining $45.3 billion to the U. S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year. The U. S. government now owns 61 percent of the company, and Canada owns roughly 12 percent.

    grlygrlz2

    Answer by grlygrlz2 at 11:50 AM on Apr. 22, 2010

  • General Motors Company Chairman and CEO Ed Whitacre today announced that GM has made its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada, paying back its government loans in full, ahead of schedule.

    The announcement came at a ceremony to highlight an investment of $257 million at GM’s Fairfax, Kansas, and Detroit Hamtramck assembly centers. The investment will prepare Fairfax to build the next generation of Chevrolet’s award-winning Malibu, and make Detroit Hamtramck a second source for Malibu, ensuring that Chevrolet can meet market demand for this popular mid-size sedan.
    brookebella

    Answer by brookebella at 11:37 AM on Apr. 22, 2010

  • “GM is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse we build here in Fairfax,” said Whitacre. “We are now building some of the best cars, trucks, and crossovers we have ever built, and customers are taking note. Our dealers are increasing their sales, we are investing in our plants, and we are restoring and creating jobs.”

    The U.S., Canadian, and Ontario governments, as part of the launch of the new GM, provided loans of $8.4 billion and took equity stakes in the new company. Today’s payment of $5.8 billion ($4.7 billion to the U.S. Treasury and $C1.1 billion to Export Development Canada) completes the payback of these loans.
    brookebella

    Answer by brookebella at 11:37 AM on Apr. 22, 2010

  • “GM’s ability to pay back the loans ahead of schedule is a sign that our plan is working, and that we are on the right track. It is also an important first step toward allowing our stockholders to reduce their equity investments in GM,” said Whitacre. “We still have much hard work ahead of us, but we are making progress toward our vision of designing, building and selling the world’s best vehicles.

    “We appreciate the support the taxpayers have given GM, and our great new products are tangible results of that support.”


    brookebella

    Answer by brookebella at 11:38 AM on Apr. 22, 2010

  • I know that one, I live in Metro Detroit :P
    peanutsmommy1

    Answer by peanutsmommy1 at 11:38 AM on Apr. 22, 2010

  • The Fairfax plant currently builds two of GM’s strongest selling cars, the Chevy Malibu and Buick LaCrosse. Fairfax will become the primary source for the next generation of the Malibu. Detroit Hamtramck, which builds the Buick Lucerne and Cadillac DTS, will be equipped to build the Malibu as well, ensuring that Chevrolet can meet market demand. Detroit Hamtramck will also build the Chevy Volt electric vehicle with extended range, which launches this year.

    The Malibu-related investments of $136 million in Fairfax and $121 million in Detroit Hamtramck will include facilities, machinery and equipment, and tools.



    Since the launch of the new GM last July, the company has announced investments of more than $1.5 billion at 20 facilities in the U.S. and Canada. These investments restored or created more than 7,500 jobs, and they demonstrate a strong commitment to GM’s future and to the United States and Canada.
    brookebella

    Answer by brookebella at 11:38 AM on Apr. 22, 2010

  • i saw that on the evening news
    Anonymous

    Answer by Anonymous at 11:39 AM on Apr. 22, 2010

  • OP, you may want to research a little more... Not ENITRELY....


     GM still owes $45.3 billion to the U.S. government and $8.1 billion to Canada. The US Gov't still owns 60% of GM

    grlygrlz2

    Answer by grlygrlz2 at 11:48 AM on Apr. 22, 2010

  • It's just that funny political math that gets in the way of REALITY.... ;o)
    grlygrlz2

    Answer by grlygrlz2 at 11:56 AM on Apr. 22, 2010

  • Thanks for the info grlygrlz2. It sounded a little too good, but I know they were hoping to pay it all back sometime this year. I'm still glad to see them recovering.
    brookebella

    Answer by brookebella at 11:58 AM on Apr. 22, 2010