Quote:
Originally Posted by BlueSteele
I was a little confused because during the triumphant "getting back up" part, they showed the newspaper saying "Dewey defeats Truman" which was a famous inaccuracy because he actually lost that election. Aside from that, a nice commercial.
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I'm sure they included it as an example of how the press can claim someone is defeated when they really aren't.
Quote:
Originally Posted by StreetReporter
Clarification: GM paid back all the money it BORROWED from the government in the form of a LOAN.
The rest (like 45 billion) was a BAIL-OUT, which gave the US Govt. ownership of the entire company in the form of shares.
In last month's IPO, the government made back 13 billion from the sale of shares.
Right now, the feds (you and I ) still own 33% of the company.
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Not exactly. All the money that was given to GM was a loan with the intent that it would be paid back, with interest. However when General Motors Corporation (old GM) went bankrupt, the debt from the loans was converted into ownership of General Motors Company (new GM), removing the obligation to pay back them back. Additionally, General Motors Company was given one final loan in June 2009, which was repaid earlier this year.