GM pays off its bailout loans

[gulliver]

http://money.cnn.com/2010/04/21/autos/gm_loan_repayment/index.htm?hpt=T1

This is very good economic news. Dems should be taking their much-deserved credit for this. The article notes that the loans are not the whole story as we also bought up a bunch of GM with federal money. But this loan payoff is a big step in the right direction. Maybe their management has finally begun to move in the right direction. Dems, take a bow, IMO.

[Cresent City Kid]

1. On bailouts in general

The "big" story is when the government hands out the money. We've been getting a lot of it back with little fanfare. Some people think we lost it all forever.

[Name removed]

2. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[B Calm]

11. The greatest thing about this LOAN

it saved thousands and thousands of manufacturing jobs here in the United States!

[Hannah Bell]

12. yeah, non-union, $14/hr ones.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7801026


the gov't colluded with gm to screw its retirees & workers.

[B Calm]

14. Well I just happen to be one of the people saved.

[Hannah Bell]

17. other s not so lucky.

http://www.businesspundit.com/gm-layoffs-10000-dismissed-bailout-money-goes-to-brazil/


http://www.daytondailynews.com/business/delphi-gm-pension-cuts-a-bitter-pill-for-retirees-630429.html

[DainBramaged]

18. I also, if GM failed so would have my dealership and I'd be on unemployment

along with 90 other people.

[Hannah Bell]

31. well, then GM's obviously a peach.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8188623&mesg_id=8189867

[leeloo]

3. They have not paid off the loan,still owe $44 billion..n/t

[The Northerner]

4. +1

[DainBramaged]

5. The US Government owns appx. $44 billion in stock

They paid off the loan, sorry to disappoint you.

[Kingofalldems]

9. +2

[HughMoran]

25. +44 billion

[leeloo]

26. When stocks are sold later this,let's see how much they fetch.

Who is going to be stupid enough to buy stock in a company losing a billion dollars every month?.
If we recoup the $44 billion later this year,then i will agree they have paid back the loan..

[DainBramaged]

28. I didn't ask you to agree to anything

move along nothing to see here, this isn't a thread about toYOYOta. PS, I bought stock in GM and Ford, sold them both and am waiting to buy both again. So I guess I and the thousands of other UAW members are stupid?

[leeloo]

30. Wow you get grumpy when people disagree with you...PS

I just bought stock in Ferrari and married a supermodel..

[dmallind]

8. They have indeed paid off the loan. The remainder is an equity stake

It is not "owed" but "sold" to the federal government. The comanies in which I own stock owe me nothing. I simply own a (much tinier than this case) part of that company.

[leeloo]

27. GM has not made a profit so far..Guess who paid off the loan?

The Taxpayer..
They borrowed it from another TARP program,one credit card paying off the other credit card scenario..
As the company is losing billions who would buy stock from them ??
OH lets borrow $44 billion more to buy stocks in GM,its a shell game...DUH

[dmallind]

32. You don't need to make a profit to have cash. Cite your source. NT

[leeloo]

33. They don't have cash,they have our money...

Chief Says G.M. Is on Road to Profits

http://www.nytimes.com/2010/01/07/business/07auto.html

GM expects to show annual profit in 2011
The company's financial adviser, Evercore Partners, offered projections for GM's finances in its bankruptcy case based on several scenarios. It forecasts that GM will lose $17.5 billion this year before reaching a profit of $3 billion in 2011 before taxes, rising to $7.8 billion in 2014.

http://abcnews.go.com/Business/story?id=7764180&page=1


GM’s Whitacre Says He ‘Hopes’ to Report a 2010 Profit

http://www.bloomberg.com/apps/news?pid=20601103&sid=aiZcX2eh7QrQ



Google GM annual profits...


So if they have cash where do you think they got it from?
I will tell you, from us they are paying us back a small percentage of the loan we gave them..

[leeloo]

34. Links...

Chief Says G.M. Is on Road to Profits

http://www.nytimes.com/2010/01/07/business/07auto.html

GM expects to show annual profit in 2011
The company's financial adviser, Evercore Partners, offered projections for GM's finances in its bankruptcy case based on several scenarios. It forecasts that GM will lose $17.5 billion this year before reaching a profit of $3 billion in 2011 before taxes, rising to $7.8 billion in 2014.

http://abcnews.go.com/Business/story?id=7764180&page=1


GM’s Whitacre Says He ‘Hopes’ to Report a 2010 Profit

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



Google GM annual profits...


So if they have cash where do you think they got it from?
I will tell you, from us they are paying us back a small percentage of the loan we gave them..

[Name removed]

35. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Kingofalldems]

6. K and R for the teabaggers and freepers

Freepers can't stand it that Obama was right. 'Bad news about Democrats' is the mantra of some.

[DainBramaged]

7. I missed out on this thread, been busy, darn it.

A whole sub-thread deleted and not one reply by me, I must be slipping.

[blue_onyx]

19. lol

You didn't miss much. The deleted sub-thread (to which I had one comment) primarily consisted of comments from a DU poster with 4 posts. He/she claimed that the evil UAW forced the auto companies into making crappy vehicles and that GM and Chrysler were still making crappy vehicles. Oh, and apparently Toyota's problems are a result of the government not wanting competition.

[DainBramaged]

24. toYOYOta plants, nothing but weeds in my opinion!

:evilgrin:

[B Calm]

10. President Obama saved thousands of US manufacturing jobs and

not a peep from the right wingers about how socialism works!

DOW above 11000 , consumer confidence on the rise, President Obama starting to crack down on Wall Street, health insurance reformed, and all the right wingers can do is sit on their hemorrhoid asses, make up lies, call names, and point their brown stained fingers at the democrats for doing what is necessary to clean up the mess the republicans created.

[kentuck]

13. Shouldn't some loudmouth conservatives be apologizing ??

How many were on your TV ranting about that "socialist" Obama taking over the car companies. Well, it looks like they were wrong. Shouldn't they apologize for their inaccurate and inflammatory comments?

[B Calm]

15. Well yeah, they should. But it's a racist thing with them. . .

[DainBramaged]

16. How about the clowns here who WANTED GM shut down

The japanese do a better job, let the workers retrain.

Yeah, retrain doing what cleaning toilets for the rich?

[B Calm]

20. You'd think we could all agree here in DU that saving US manufacturing jobs

is our top priority.

I don't understand the mindset of (some) democrats anymore.

Makes me wonder if they listen to too much right wing propaganda. . .

[blue_onyx]

21. I know

So many on DU were giddy about the possiblity of GM going under.

There have been plenty of unrec. for this thread. I know when I hit rec, it stayed at 0.

[B Calm]

23. I think it's lurking freepers unrec. this thread!

[NotThisTime]

22. This is very good news....

[SmileyRose]

29. They used stimulus money to pay off the loan

Big fucking deal.........