Yes! Congrats GM!

[PhillyTurboSix]

Great news for GM! I'm proud they worked it out and did the right thing. They are talking about showing a profit by the end of 2010! I think I'm going to go out and buy a new GM truck!

http://www.youtube.com/watch?v=g-XrbVFG7o0

 

[kidsixpack]

That is good news and it didn't seem to take them very long. I do however think that Ford should be commended for not taking any of the Governments bailout money!
KID

 

[av6ateu]

Yeah, I work at a GM dealership. cars arn't exactly flying out the door.

GMI left this part out:

Quote:The U.S. treasury will still own about 61 percent of the automaker, however, because about $43 billion of the $50 billion in aid that the government gave GM during its bankruptcy last year was converted to equity. Canadian taxpayers swapped about $8 billion for a 12 percent stake.

http://www.detroitnews.com/article/...y-off-$5.8B-bailout-loans-early#ixzz0ldeD0xQa

 

[Quiky One]

Yeah, I work at a GM dealership. cars arn't exactly flying out the door.

GMI left this part out:

And once it goes public the debt will be gone..

 

[WS6]

I must be getting bad information...It's my understanding that this 8 billion only represents 13% of the debt...is that right?

If so I'm calling the bank tomorrow and asking for the deed for my house as I have already paid 20%...

 

[wqcode]

The 8 billion was extra money from the bailout, not anything GM earned.

 

[kidsixpack]

The 8 billion was extra money from the bailout, not anything GM earned.

Now that is an interesting point!
KID

 

[av6ateu]

The 8 billion was extra money from the bailout, not anything GM earned.

Exactly the point I was making with the link i added. I think they borrowed more money then they needed and just gave some back. Not my idea of "paying off" a debt. Hopefully I'm wrong and they are showing a profit?

I do think GM is turning the corner with their new product lines though. Hopefully they will rebound, but I think this story about paying off the debt early is a bunch of bull when they still actually owe the US and Canada 51 billion (converted to "equity")