GM’s second response after receiving first $’s from the federal bridge loan program

[xcel]

A very long year for GM is at hand.

Wayne Gerdes – CleanMPG – Jan. 1, 2009

GM’s first break.

In a short note released this morning, GM said, “Thank you” to the current administration with regards to the Bailout Loan program.

"GM has received the first tranche of $4B from the Federal Government and we look forward to working with the government on all elements of the loan agreement and our viability plan. We appreciate the Administration extending a financial bridge to GM at this critical time for the U.S. auto industry.

GM remains committed to providing great cars, trucks and crossovers, as well as leading technologies, to our customers. We are committed to successfully executing the plan we submitted on December 2 and remain confident in the future of General Motors."

Previously GM personally thanked the President for extending the financial bridge at “this most critical time” for GM.

This action by the Federal Government will help GM preserve the hundreds of thousands of jobs at not just GM but the many suppliers, dealers and small businesses around the country that depend on them.

We know we have much work in front of us to accomplish our plan. It is our intention to continue to be transparent as we execute our plan, and we will provide regular updates on our progress. We again thank the Administration for this important support of our industry at this challenging time, and we look forward to proving what American ingenuity can achieve.

For all our sakes, let us hope it is enough to move GM’s own product line forward to a far more sustainable and profitable future with more than just the current but aged Cobalt and the upcoming Volt.

[xcel]

Hi All:

___Chrysler released there own response last night with similar sentiments…

“We recognize the magnitude of the effort by the Treasury Department to complete these multiple financial arrangements quickly and sequentially. The discussions relating to Chrysler LLC have been positive and productive, and we look forward to finalizing the details of our financial assistance in the immediate future."

___Good Luck

___Wayne

[oldlar]

After the GM executives get their year end bonuses, there will be about $2 left for the companies new improved car design and plan for return to profitability. This money has gone down a rat hole.

[JusBringIt]

Originally Posted by oldlar

After the GM executives get their year end bonuses, there will be about $2 left for the companies new improved car design and plan for return to profitability. This money has gone down a rat hole.

Well, it is a loan, so it is expected to be paid back, how they want to spend it is up to them.

I hope they make good on their "commitment." I would like to see a better lineup from chrysler and gm.

[Indigo]

I totally agree. The only way that GM (et. all) should have gotten even a penny of taxpayer money would be the manditory resignation of the CEOs, Presidents, and VPs of the organizations begging for bailouts.

Originally Posted by oldlar

After the GM executives get their year end bonuses, there will be about $2 left for the companies new improved car design and plan for return to profitability. This money has gone down a rat hole.

[Aspasia]

The UAW should have done the loaning, not us.

They can afford to keep their golf course running, so why not their Golden Goose?

http://news.yahoo.com/s/uc/20081231/...mmax/op_198552

[jkp1187]

I'm no longer a fan of the Big Three thanks to this bailout chicanery, and since they're already getting money from me, I see no need to give them more money in the form of an automobile purchase in the future. But that said, GM earns major points from me for using the word "tranche" in its press release. I'd never even heard of that word until today!