The "New" GM

UncleBob

UncleBob

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Hot damn! General Motors repaid their TARP bailout loans! With interest!

http://www.youtube.com/watch?v=SSNPFVLIWjI

With money they earned!
http://www.google.com/hostednews/ap/article/ALeqM5hij2hVGuCY0y8eoe3MwKGnw7WW_QD9F7OOEG1
But company officials said sales of newer models have improved GM's cash flow and allowed it to make the remaining payments early.
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Obama and Biden are thrilled with this news!
Vice President Joe Biden said President Barack Obama "took a lot of heat" to keep GM alive. "And this has even exceeded our expectations."
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Just pay no attention to the man behind the curtian...
http://online.wsj.com/article/SB10001424052748703876404575200832185846038.html?mod=rss_whats_news_us
Treasury and GM officials don't dispute that the money to repay the loan is coming from TARP funds. But they said that's been clearly disclosed.
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3shellvernet.jpg


The government is letting giant corporations play one giant shell game with your tax money.

Isn't that awesome?
 
[quote name='UncleBob']The government is letting giant corporations play one giant shell game with your tax money.

Isn't that awesome?[/QUOTE]

Oh well. At least GM provides blue collar jobs and a tangible product. Unlike anything that has ever come out of wall street.
 
[quote name='davo1224']I don't get it?[/QUOTE]

They are taking government money from one place and paying off a previous debt to the government in another place, then taking credit for "paying off our government loan early." Which, of course, is bullshit, as was the press release put out by the White House deceptively claiming GM repaid their loan "in full," and Obama's weekly radio address lauding this development but mentioning nothing about where the money came from (http://www.whitehouse.gov/blog/2010/04/24/weekly-address-good-news-auto-industry). It's just the latest in a long line of what have come to be known as "crony capitalism" policies.
 
From my understanding it was that they still owe bailout money but managed to payback another loan? Essentially they haven't paid back the bailout loan which is astronomical but hope to do that by later in the year so that they can take back the company from the feds. I read that the day of the press release and just figured it was common knowledge. I can see how the commercials would be misleading though.
 
So let me git this straight, they payback the official loan and they want a pat on the back? What about the 60 percent of shares the US Govt bought to keep the company afloat. When GM buys those back I will be impressed.

BTW love how comments were disabled for the original video.
 
It's damage control a la Toyota. However, they do plan to pay back the bailout later this year to get back the company. It's a little pathetic but at the very least like others have said, it gives Americans a tangible product. Banks pretty much robbed the public, told them to like it, and have no intention of giving back.
 
Well think of it this way... if they don't buy back customers in any fashion, they aren't going to be able to pay back shit.

I too am looking forward to the Volt.

But if no one is buying, GM isn't going to survive.
 
[quote name='speedracer']That goddamn Volt better shit rainbows and unicorns.[/QUOTE]

I'd be content with a reasonable sticker price so I can buy it in 10 or 20 years.
 
[quote name='davo1224']It's damage control a la Toyota. However, they do plan to pay back the bailout later this year to get back the company. It's a little pathetic but at the very least like others have said, it gives Americans a tangible product. BanksThe government pretty much robbed the public and handed the money over to the banks, told them to like it, and have no intention of giving back.[/QUOTE]

Fixed.
 
[quote name='davo1224']It's damage control a la Toyota. However, they do plan to pay back the bailout later this year to get back the company. It's a little pathetic but at the very least like others have said, it gives Americans a tangible product. Banks pretty much robbed the public, told them to like it, and have no intention of giving back.[/QUOTE]


http://www.msnbc.msn.com/id/36742144/ns/business-economy_at_a_crossroads/

estimated losses from tarp..

85 billion - Fannie Mae and Freddie Mac (not banks)
48 billion - American International Group (not a bank)
28 billion - General Motors, Chrysler and their auto financing arms. (not banks)
49 billion - from providing help to homeowners facing the threat of losing their homes through foreclosures. (Geithners words not mine but not a bank)

The biggest offset to those losses will be earnings of $115 billion that the administration expects the Federal Reserve to realize from the extraordinary assistance it has given to provide liquidity to the financial system. (banks!!)

Hmmm so looks to me if tarp had been used for what it was first set aside for... we as taxpayers would have made a profit... :applause:
 
[quote name='Afflicted']85 billion - Fannie Mae and Freddie Mac (not banks)[/quote]
Sort of. They kind of functioned as one. But ok.
48 billion - American International Group (not a bank)
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An insurance company who had to make good on insurance sold to the banking industry. Since all the money pumped into these idiots went directly to banks, it's prolly safe to classify em as that.
28 billion - General Motors, Chrysler and their auto financing arms. (not banks)
Click to expand...
GMAC is a gigantic financial service provider. They do everything but deposits. Bank-ish for sure.
49 billion - from providing help to homeowners facing the threat of losing their homes through foreclosures. (Geithners words not mine but not a bank)
Click to expand...
But the banks are being made whole as a result. Giving me money to pay the bank is pretty much a bank thing.

Just sayin. If AIG dies, it's pretty reasonable to believe Citi, Goldman, BofA, JPMorgan, and most large regional banks are killed. Deutche and most of the big Euros probably die too.

I'll believe realized savings when I see em. If they ain't in the ledger, I don't trust em.
 
[quote name='speedracer']I'll believe realized savings when I see em. If they ain't in the ledger, I don't trust em.[/QUOTE]

You're smart to be skeptical. We'll never see any of the money returned. The money that is returned is immediately spent by politicians. Where do you think the extensions of unemployment and other spending recently has come from? TARP repayments.

GM is a fucking joke. Read this article for a better synopsis of the shell game they're playing with our money:

http://www.forbes.com/2010/04/23/ge...hikha-dalmia.html?boxes=opinionschannellatest
 
Got an e-mail from them bragging about paying off their govt loans. Still doesn't change my mind about them, I'll buy a Ford or Nissan.
 
http://reason.com/archives/2010/04/27/gms-phony-bailout-payback

So... GM essentially got $49.5 Billion in loans, funded by the taxpayers.
The amount they're making such a hoop-lah about paying back is $6.7 billion - or, about, 13%.
They're paying it back - not with earnings - but with money from another part of the existing $49.5 billion loan.
And now, they're applying for a $10 billion loan (149% of the amount they paid back) at a lower interest rate than what they had before.

Think they'll get it?
 
[quote name='UncleBob']http://reason.com/archives/2010/04/27/gms-phony-bailout-payback

So... GM essentially got $49.5 Billion in loans, funded by the taxpayers.
The amount they're making such a hoop-lah about paying back is $6.7 billion - or, about, 13%.
They're paying it back - not with earnings - but with money from another part of the existing $49.5 billion loan.
And now, they're applying for a $10 billion loan (149% of the amount they paid back) at a lower interest rate than what they had before.

Think they'll get it?[/QUOTE]

Of course they'll get it. The money is controlled by the Treasury, not the Congress, so if Obama wants Geithner to do it (and he does, to pay off his pals at UAW), he'll do it. TARP is not merely stupid, but anti-democratic in that it cedes even more power to the unaccountable bureaucracy (in this case, the Department of Treasury).
 
[quote name='speedracer']That goddamn Volt better shit rainbows and unicorns.[/QUOTE]

It should be a fine car, but I wouldn't buy one at this point. That 375 pound li-ion battery is going to cause problems.
 
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