GM Will Start To Repay Outstanding Federal Loans

The chairman of General Motors, Edward E. Whitacre Jr., said Tuesday that the automaker would be able to repay all of its government loans and would begin doing so soon.

A government report released last week concluded that taxpayers are unlikely to receive full repayment of the more than $81 billion lent to rescue G.M. and Chrysler. But Mr. Whitacre, speaking at a small college near his home in Texas, insisted that G.M. intended to repay its full debt to the Treasury Department, excluding the nearly $1 billion lent to the old part of G.M. that remains in bankruptcy.

The new company would pay back $6.7 billion in cash that it owes. The remaining portion of the $50 billion that G.M. borrowed was given to the Treasury in the form of stock, which the government hopes to recoup from money raised through a public offering.

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Joe_Limon - 11/12/2009 1:26:45 PM

+3 Boost

Where can I get loans with negative interest like that??

Shredmo - 11/12/2009 3:43:27 PM

+2 Boost

Yo, invisible, the $81 bil was for both GM and Chrysler. GM is paying what it owes, the Gov. bought $50 bil in stock from GM, can sell when it likes ;)
If you don't believe me, you could have read the article like I did.

Joe, if you want "loans like that", lose your job by dragging down your business. Blow all your cash and then some, file for bankruptcy while receiving unemployment. It won't seem glamorous while it is happening, but you two can enjoy these fine benefits. The rest of us will have no choice but to help ya out. If you are nice, I'll even stop by with a 6 pack now and then. :)