GM's Bailout Repayment Will Take Years To Complete

CEO Daniel Akerson told reporters that the government won't be repaid with the company's initial public stock offering, which could happen later this year, but couldn't answer more specific questions about the sale.
 

Akerson, GM's fourth CEO in less than two years, also indicated that management will be stable in the future, saying he doesn't expect to make any changes.

"I like the team that's on the field," he said.

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Joe_Limon - 9/16/2010 2:34:49 PM

+1 Boost

Well that's a good sign. If they are using some of that IPO to go into developing/refining new product then they will be in a very strong position when they finally do have everything paid off.

Whelan - 9/16/2010 2:50:30 PM

+1 Boost

Such misleading words in this article. I am a taxpayer and I can guarantee you I will not see any checks in my mailbox from GM. Maybe they could give us some kind of calc on our IRS tax forms this coming year that we can identify how much we individually paid for the bailout and allow us to claim it.

Joe_Limon - 9/16/2010 5:45:21 PM

-1 Boost

I think you need to see how the usa's money is spent and where it all comes from... especially if you think the automotive bailout which will eventually pay itself back is bad...

http://thefalconpost.com/wp-content/uploads/2009/08/Pie-Chart-US-Sources-of-Funds.jpg

http://img6.imageshack.us/img6/2606/feddiscspending09pie.gif

uaw_lax - 9/16/2010 11:13:09 PM

0 Boost

I wont a check for these useless wars and on top of that i want a tax break lick Bush gave the rich in 04'.

thstone - 9/16/2010 2:53:44 PM

+1 Boost

A good sign? Hardly.

91z4me - 9/16/2010 9:55:20 PM

+1 Boost

Well it is good that they are planning on paying it back. The could be like the old GM and have no long term plan for paying it back.

tango - 9/17/2010 1:27:31 AM

+1 Boost

Really? It's gonna take years? And this surprises how many people exactly? That sort of money doesn't appear overnight and it is a foregone conclusion that it will take years. When you finance a $30,000 car doesn't it take years to repay? Let's not be morons here...

acronis - 9/17/2010 9:57:07 AM

+2 Boost

The reason why you have some who scorn the fact that it will take years to pay off this loan is because they belong to the "let GM Fail" crowd.

Consequently, what they don't get is that if an American auto company like GM collapses, hundreds of good paying, American manufacturing jobs goes down the tubes with it.

LexSucks - 9/17/2010 10:19:35 AM

+2 Boost

Impeach Obama now!!!! Thats the only way this country will be able to survive another 2 years.

AgentOrange - 9/18/2010 2:29:27 PM

+1 Boost

Look at it another way.
GM has annual Gross Revenue of GT $120,000,000,000.
Over a 10 year period that'll be approx $1.5 TRILLION.
That's a lot of local direct and indirect employment, not to mention taxes paid, etc.
Sure, the Gov't could have shut GM down and seen that production go to Japan or China or Korea - but isn't it a tad better to have some production capacity bach here in North America?