How The Hell Did GM Pay Back Its Loans “in Full And Ahead of Schedule”? Well, It Didn’t.
General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout “in full and ahead of schedule.” As with the Pontiac Aztek, an ugly exterior masks an ever darker problem: Whitacre is being fanciful to the point of deceit. GM received $50 billion in TARP funds (never mind that TARP was only supposed to cover financial institutions). About $7 billion of that came in the form of a straight-up, low-interest loan. And about $13 billion came in the form of an escrow account. So how has GM, which lost $38 billion in 2007 even as it sold 9.4 million cars, paid back its debt? It took money from the escrow account to pay back the $6.7 billion loan. Do you remember when you were a kid and your parents gave you $20 to buy them a Christmas present? You bought them something worth $3 and pocketed the rest? That’s what GM has just done. Oh, and do you remember when you hit your parents up for college? GM has applied for a $10 billion, low-interest loan from the government to modernize its plants so its cars will meet new federal mileage standards. If you think all this constitutes paying back their debt in full and ahead of schedule, you might want to check out the new line of GM cars. And hope that the company’s safety engineers are better at math than their CEO.
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Comment by jeffersonblackmon on 19 January 2011:
Straight to the point. Amerians and the rest of the world is not fooled by this 3 card monte game.
Comment by Tboninator on 19 January 2011:
@savemyplaylist
Go learn what the fuck you’re talking about, before you start spamming up the comments section with anti-GM BS.
Comment by Tboninator on 19 January 2011:
@savemyplaylist
And how many jobs were lost in the end result? None, thanks to the bailouts. Bankruptcy alone would have not only ended with millions of stockholders getting completely fucked (which they still did), but it would have resulted in the loss of most dealerships, the dying of even more car brands, the shutting down of plants, no money for R&D, and no one there to pick up whatever pieces were available, due to not only the piss poor US economy, but the world economy at that.
Comment by savemyplaylist on 19 January 2011:
@Tboninator They filed for bankruptcy even with the bailout you dipshit!!! They “went under.” What a bullshit exaggeration from someone who works at that shitty company. There are tons of car companies that would take GM’s place, but the government sets up too many barriers.
Comment by Tboninator on 19 January 2011:
@savemyplaylist
You don’t seem to even have a BASIC understanding of the situation at hand. This isn’t just some small car company, this is a MAJOR pillar to our economy, and if it were to falter, there wouldn’t be any “picking up the valuable pieces”, because the damage would already be done, because not only would it be GM going under, it would also be it’s suppliers, dealers, stock holders, etc, etc. Go back to economics 101 and come here when you’ve got a basic understanding
Comment by Tboninator on 19 January 2011:
@savemyplaylist
I don’t have to watch the video of some biased asshole to know how well Chevy and it’s sister companies are selling vs the competition, fagtron. They’ve come out with quite a few hot sellers since the bailout, and their quality has gone up a LOT.
Comment by savemyplaylist on 19 January 2011:
@Tboninator Did you watch the fucking video, you dumb asshole? If they are selling so well, how come they can’t pay us back? Listen up shithead, there are TONS of car companies that have gone out of business, it’s no big deal. Those with capital left over will pick up the valuable pieces and let the nonprofitable trash fail.
—-
It’s as though your history lessons only went back a decade or two. Before bailouts, good companies bought up the valuable assets and the economy prospered.
Comment by Tboninator on 19 January 2011:
@savemyplaylist
Bottom line: You’re the dumb ass little piece of shit here, along with all the other GM hating fools that can’t think past their baseless hatred for a company and realize how important it is to our economy, and wishing bad on it’s employees, because they wouldn’t be able to support themselves or their families.
I’m sure you’re so missing your 160 dollars from bailing out GM and Chrysler, aren’t you… You’ll just never recover, will you? Get your head out of your ass.
Comment by Tboninator on 19 January 2011:
@savemyplaylist
Because 1) they’re making plenty of HOT cars right now, that are selling really well, so obviously they’re not “shit “. 2) Such a massive flood of unemployed American citizens, would destroy our economy even further, sending us into a full blown depression rather than just the recession we had. 3) Its hard enough for people to find jobs as it is… Imagine if there were a couple million more people in the job market?
Comment by savemyplaylist on 19 January 2011:
@Tboninator you dumb ass piece of shit, why would I want a company who makes shit cars to stay in business? If the people are skilled, they’ll find new jobs at the company who REPLACES GM. You are one dumb piece of shit if you think GM is the only company that can hire these people.
Comment by Oldbmwr100rs on 19 January 2011:
It’s nice to know that our money did so much good for gm, just think of the bonuses given out to it’s top exectutives for the successful robbery of the american people! I wonder where all of GM’s famous bean counters went when it came to exectutive spending? I know they cut corners everywhere they can on the cars they sell..
Comment by DroidNoid on 19 January 2011:
Merry Christmas Grinch Motors! Thank you for NOT helping me out after I had to pay over $3,000.00 in repairs on a cylinder head gasket repair due to a defective part you guys won’t stand by (metal transcooler line). The issue took over a month to get to the district level Customer Service to only be told you guys WON’T help me out at all. All that money I earned from an overseas deployment this year just went to the repairs and headaches in October. Your service center in Oxnard, CA is also bad!
Comment by denonphyte on 19 January 2011:
@DroidNoid A Ford???…I’ll stick with toyota, Honda….American cars they all suck,
not reliable, ugly dish washers look-alike, FUCK GM, FORD AND DOMESTIC, THEY DESERVE WHAT’S COMING TO THEM AFTER ALL THESE YEAR STEALING PEOPLES MONEY MAKING POS CARS!!!!
Comment by syn010110 on 19 January 2011:
If you’re an auto company and you make shitty cars, you deserve to go out of business.
This bailout bullshit just sends a message that it’s okay to suck, the government will keep you afloat.
Comment by KartChampion on 19 January 2011:
However, despite Investing in GM (which is unfortunetly ultra-uncompetitve due to its business model) with other ppls money being immoral, a lot of their problems were caused by the FED, the banks, and financing ppl they shouldn’t have, etc… Though they should’ve keep a cooler head like some car makers, its not totally their fault so maybe they deserve a 2nd chance, But Proping-up an uncompetitve company, will ultimately cause more to suffer, hurt the poor, & do greater harm than good.
Comment by KartChampion on 19 January 2011:
@Tboninator I understand why you might think this way T. i think your heart is in the right place and It would take a deeper, more reasoned understanding of economics to think otherwise.
I can’t say I agree with you tring to manipulate these ppl towards what your thinking though, by giving grossly exagerated figures (“millions of jobs lost”) when GM alone employees less than 205,000 ppl and a lot of those jobs arn’t in America.
Comment by Tboninator on 19 January 2011:
@Mezey5
If that company didn’t make up a gigantic portion of our economy, it would have gone under. But the millions of jobs lost, and losses our economy would have taken with the death of GM/Chrysler would have sent us further into depression. So far that it wasn’t really an option to let either one die. Stop bitching and be proud your tax dollars went to support the nation you live in.
Comment by Tboninator on 19 January 2011:
@alexdroog4
Doesn’t matter what he’s a member of. What he’s speaking is truth. Something you guys don’t want to hear, because you’re all hell bent on GM going down, and the US entering a severe depression because of your ignorance…
Are you really that butt hurt because GM got 162 dollars from you?
Comment by Tboninator on 19 January 2011:
Gotta’ love all the ignorance being spewed in this comment section… GM hate and import bias from people who would love to see the US collapse. Pathetic.
Comment by beachnative420 on 19 January 2011:
Hourly wages for United Auto Workers laborers at General Motors Corp. factories actually are almost equal to those paid by Toyota Motor Corp. at its older U.S. factories, according to the companies. GM says the average UAW laborer makes $29.78 per hour, while Toyota says it pays about $30 per hour.
Comment by beachnative420 on 19 January 2011:
@DroidNoid if you treated your american car like an import it would last longer. Stupid americans don’t take care of their american made cars like imports. As in anything in live you get out of it what you put into it.
Comment by 7475flyersfan on 19 January 2011:
@beachnative420 look it up it was on the news
Comment by DroidNoid on 19 January 2011:
@IPOMonster
I highly recommend against General Mess. Unreliable cars all the way. Get a Honda or a Toyota, a Ford, a BMW, an Audi. a Porsche, MB, MINI but whatever you do. DO NOT buy GM! This company died in the 60s apparently.
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Comment by DroidNoid on 19 January 2011:
Yeah, you got love a GM Service Center that you paid nearly $3K to fix the cylinder head gasket and find leaks afterwards in the cooling system which caused the failure in the first place. My calls are rarely to never returned to find out what is going on forcing me to go in person to see what the hell is happening. I’m looking at you Bunnin Oxnard! Sick of this bullshit.