Email I Received from GM

[cjhutch]

Dear XXXXXX,

We are proud to announce we have repaid our government loan – in full, with interest, five years ahead of the original schedule. We realize we still have more to do. Our goal is to exceed every expectation you've set for us. We're designing, building and selling the best cars and trucks in the world. Like the award-winning Chevy Malibu, the all-new Buick LaCrosse, the versatile Cadillac CTS Sport Wagon and the innovative GMC Terrain, just to name a few. We invite you to learn more about the new GM and join our community, by visiting gm.com.


Susan E. Docherty
Vice President, U.S. Marketing

I guess people can't call them Government Motors anymore.

[Stuntman G]

I guess everything's okay now :lmfao:

[punkr6]

and ?

[d-man478]

the commercial came on as i was reading this. too funny.

[2jzinmyjeep]

Just BTW, has anybody else noticed how shitty of a job the sound mixer did with the voices on that commercial. Their mouths are way off of their voices.

[5speed]

http://www.foxnews.com/opinion/2010/04/23/did-general-motors-really-repay-taxpayer-bailout/

But, the hype is not the reality. In fact, GM did not repay the loans with money it earned from selling cars. Instead, GM repaid the TARP loans with money it withdrew from another TARP fund at the Treasury Department.

The day before the GM story broke, Neil Barofsky, the government TARP watchdog, testified before the Senate Finance Committee. He explained that GM did not use earnings to repay its TARP debt. The April quarterly report to Congress from his office stated: “The source of funds for these quarterly [debt] payments will be other TARP funds
currently held in an escrow account.”

[Nerdsrock22]

The Government still owns the majority of the company and will until the the IPO this year. Then, (and only if it's successful) can the two be disconnected.