GM pays off its bailout loans

#1
W

WA_Vol

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#1
NEW YORK (CNNMoney.com) -- 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.

"GM's ability to pay back our loans ahead of schedule is a sign that our plan is working," Whitacre said.
But the loan money is only a fraction of the financial support that the federal government gave to GM over the past 12 months to stop it from going out of business.

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.

"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.
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GM pays off its Treasury Department loans - Apr. 21, 2010
 
#2
#2
Better option still would have been let them fail, kick out the unions, and start over.
 
#4
#4
This neglects the massive piles of bondholder money wiped out in the recap in favor of the unions.
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#14
#14
Cash Vallin said:
yeah, they are... in theory, unions are a good thing, IMO... but they're being taken too far in its current form.
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In their purest form they are great but just like anything else when any entity becomes aware of the power they control it gets abused.
 
#15
#15
lol I just heard a commercial on the radio of the GM CEO beating his chest for paying back ALL (13% in reality) of its government loans.
 
#22
#22
Union and Government Studies show that the real disconnect in American Business that have labor agreements is that Self-serving middle managements agendas involving misrepresenting the situational need for control (theirs). The conclusion of the study indicates the need to do away with this type of antiquated system. Replacing it with a Union run Corporate system. A management Union run from the shop floor ie Machine Operator-Supervisor or Forklift driver-Hiring Manager.
 
#23
#23
orangeblooded2 said:
Union and Government Studies show that the real disconnect in American Business that have labor agreements is that Self-serving middle managements agendas involving misrepresenting the situational need for control (theirs). The conclusion of the study indicates the need to do away with this type of antiquated system. Replacing it with a Union run Corporate system. A management Union run from the shop floor ie Machine Operator-Supervisor or Forklift driver-Hiring Manager.
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You are going to cite union studies? Seriously?

Which government studies showed this to be the case? Sounds like this was more of a partisan union/government study done in concert and doesn't pass the sniff test. Please provide the link.
 
#24
#24
orangeblooded2 said:
Union and Government Studies show that the real disconnect in American Business that have labor agreements is that Self-serving middle managements agendas involving misrepresenting the situational need for control (theirs). The conclusion of the study indicates the need to do away with this type of antiquated system. Replacing it with a Union run Corporate system. A management Union run from the shop floor ie Machine Operator-Supervisor or Forklift driver-Hiring Manager.
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how about just paying people what they are worth.
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#25
#25
orangeblooded2 said:
Union and Government Studies show that the real disconnect in American Business that have labor agreements is that Self-serving middle managements agendas involving misrepresenting the situational need for control (theirs). The conclusion of the study indicates the need to do away with this type of antiquated system. Replacing it with a Union run Corporate system. A management Union run from the shop floor ie Machine Operator-Supervisor or Forklift driver-Hiring Manager.
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hmmm.....

None of this changes the fact that the big three are getting their arses kicked by the foreign guys that don't deal with unions and are still somehow able to provide a working environment that people like to work under.
 
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