Archives

http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg Says it will be soon (http://www.nytimes.com/2009/11/11/business/11gm.html?_r=1&dbk)

http://www.cleanmpg.com/photos/data/501/edwhitacre.jpgNick Bunkley - NYTIMES (http://www.nytimes.com) - Nov 10, 2009

Seem like a tall order even if it was Toyota --Ed.

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. ... http://www.nytimes.com/2009/11/11/business/11gm.html?_r=1&dbk

Somehow I have doubts.
http://blog.internetnews.com/apatrizio/orly_owl.jpg

Didn't our economic problem start with loaning money to people who don't have sufficient proof they'll be able to pay it back? Talk is Cheap, What we need to see is that money coming back into the taxpayers' pockets. I'm sure they know how to do that, but I couldn't have made that guess from the last decade of GM decisions... :rolleyes:

Meanwhile, Old GM is planning to skip the bill on the NUMMI shutdown costs, supposedly including substantial environmental remediation, apparently leaving Toyota holding the bill.

“Motors Liquidation is not contributing at all to Nummi’s closure costs,” said Tim Yost, a spokesman for Detroit-based Motors Liquidation Corp., which took over discarded assets from GM as part of the carmaker’s bankruptcy reorganization. “We don’t believe there will be a requirement for us to do so.”

http://www.bloomberg.com/apps/news?pid=20601103&sid=aOqZpejbyMNA

If GM pays back the government quickly, it proves that the bankruptcy process didn't treat bondholders fairly.

I won't buy a GM product until my bonds are paid in full.

If GM pays back the government quickly, it proves that the bankruptcy process didn't treat bondholders fairly.

I won't buy a GM product until my bonds are paid in full.

That is actually a very good point. I hadn't considered that. Thank you for sharing that.