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GM Payback to Uncle Sam

by YankeeJim | October 28, 2010 at 01:14 pm

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Obama bailout gets returns. Taxpayers “invested” in GM, it says. Of $50 billion paid to GM, we get 9.5 billion back. I don’t feel like celebrating yet do you. Have you driven a GM product lately?

“GM To Repay $2.1B Of Gov't Loan

Manufacturing.Net - October 28, 2010

WASHINGTON (AP) -- The U.S. government says General Motors will pay back $2.1 billion of the funds that taxpayers invested in the company. That brings the total it has repaid to $9.5 billion out of the nearly $50 billion the government loaned to and invested in the company.

The Treasury Department says the company is repurchasing about 84 million preferred shares that the government owns. The purchase is on the condition that the company proceeds with an initial public offering of its shares. That IPO is expected to take place next month.

The government's remaining $40 billion investment in the company is equivalent to 60.8 percent of the company's common shares.”

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YankeeJim

at 13:19 on October 28th, 2010

I read the hype. I have driven some of the new GM cars. I am not excited. In fact, I didn't like them one bit.

"thirty-aught-six" (not verified)

at 14:31 on October 28th, 2010

It's a Democratic Party company bought with taxpayers money. You own 60% of GM. As a Democrat you should drive one. GM makes nice, unoffensive, bland cars for the people. Drive a Socialist State vehicle. Support Obama.