http://news.yahoo.com/s/ap/20100421/ap_on_bi_ge/us_gm_loans
GM pays back government loans from US, Canada
"General Motors Co. has repaid the $8.1 billion in loans it got from the U.S. and Canadian governments, a move its CEO says is a sign automaker is on the road to recovery...
"GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. At first the entire amount of U.S. aid was considered a loan as the government tried to keep GM from going under and pulling the fragile economy into a depression.
"But during bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest to company stock, while the Canadian governments held $1.4 billion in loans."
GM is boasting that it is getting back on track by paying off $8B of a bailout package that totalled over $50B.
But doesn't that still leave GM nationalized to the tune of over $40B?
Is that what they're really cheering about? Because as long as the feds own $40B of GM, they will be that much tougher on Toyota.....
GM pays back government loans from US, Canada
"General Motors Co. has repaid the $8.1 billion in loans it got from the U.S. and Canadian governments, a move its CEO says is a sign automaker is on the road to recovery...
"GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. At first the entire amount of U.S. aid was considered a loan as the government tried to keep GM from going under and pulling the fragile economy into a depression.
"But during bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest to company stock, while the Canadian governments held $1.4 billion in loans."
GM is boasting that it is getting back on track by paying off $8B of a bailout package that totalled over $50B.
But doesn't that still leave GM nationalized to the tune of over $40B?
Is that what they're really cheering about? Because as long as the feds own $40B of GM, they will be that much tougher on Toyota.....