01-25-2010, 11:43 AM | #1 |
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GM to pay back US & Canada loans in June
• GM commits to paying back US and Canadian government loans by June
DETROIT – Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today. Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June. Whitacre’s appointment reflects GM’s progress since the new company was formed last summer. “The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said. “Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part of it. “We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said. “This represents a significant milestone in our journey back to being a profitable and viable company. |
01-25-2010, 11:52 AM | #2 |
Retired
Drives: 2010 Camaro RS V6 #1301 DOB 3/23/09 Join Date: Aug 2009
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Cool, amazing what gettin ridda all the deadwood can do for the forest!
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01-25-2010, 11:53 AM | #3 |
Comic Curmudgeon
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I sincerly hope they can accomplish this. I know that many of my friends within GM have been going through the mill lately.
Once they can regain their independence, they can start to focus even more on product and get the train back on the track!!
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His Name is Rosie - "Speak Softly and Carry a Big Stick!" - If you know who said that, then you know the genesis of his name. |
01-25-2010, 11:56 AM | #4 |
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01-25-2010, 12:22 PM | #5 |
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Without a doubt, it certainly helped.
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01-25-2010, 12:24 PM | #6 |
Drives: 2010 camaro Black/White Stripes SS Join Date: Jan 2010
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I am sure the Camaro had a big impact on the success of GM. The car that saved GM!!
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01-25-2010, 01:27 PM | #7 |
Drives: My wife crazy with my C5 usage. Join Date: Apr 2009
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Too bad the retiree's are the one's that got the shaft to pay the loan money back. My grandfather did 35 years at Fisher Body and was given 1 day's notice that he no longer has health insurance. Unless he wanted to pay $150 more per month then his retirement. The UAW should be ashamed of themselves for screwing over those who suffered so they can flurish!
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UNDER CONSTRUCTION......again......
Last edited by 2010SSRSM6; 01-25-2010 at 04:37 PM. Reason: misspelled a key word. :( |
01-25-2010, 04:27 PM | #8 | |
Account Unaccounted for
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How quickly the US Government sells it's shares will have a decided factor in the future of GM. I can appreciate that GM has made good money, and will be repaying the loans. But that amount is barely over 10% of what the Government put out to help. Hopefully the US Government doesn't go nuts and start dumping stock. (I seriously don't think they'd do this, but hey... we've seen weirder things happen.) So far, so good! Let's hope it continues in the years to come!
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01-25-2010, 04:28 PM | #9 | |
General Motors Aficionado
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2023 GMC Canyon Elevation 2020 Chevrolet Colorado W/T Extended Cab (State-issued) |
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01-25-2010, 07:06 PM | #10 | |
I used to be Dragoneye...
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EDIT: oh...and on topic -- good news!! Once this is payed off...all this money after June will be pure reinvestment/profit....and a billion or so a month is A TON of money!!! |
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01-25-2010, 07:35 PM | #11 | |||
Hail to the King baby!
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Thank you sir!!!!
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01-25-2010, 09:53 PM | #12 |
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Now if only the GM losers would pay back all the shareholders they ripped off.
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01-25-2010, 10:02 PM | #13 | |
I used to be Dragoneye...
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You could....I suppose. I'd be extremely asinine, though... |
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01-25-2010, 10:18 PM | #14 | |
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I may have asinine thoughts, but don't you think building low quality cars and focusing on 5,000 lb. trucks was pretty asinine too for the last 10 years? Then they get the bailout and are then allowed to screw all of their faithful shareholders? Now they can start paying back their loans. Big whoop. However, I am happy more GM employees did not lose their jobs. All the big execs at GM are enjoying bonuses and fat cat life styles, even though they ruined the company. The rest of us are enjoying the economy GM helped ruin. |
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