GM pays back US & Canadian loans way early

[UCI CamaroFan]

Originally Posted by DGthe3

How does Ford differ from GM in that regard?

are you oblivious to the fact that the government owns 60% of GM common stock right now?

[Mr. Wyndham]

Originally Posted by UCI CamaroFan

are you oblivious to the fact that the government owns 60% of GM common stock right now?

Are you blind to the notion that they've done NOTHING with it?

[UCI CamaroFan]

Originally Posted by Dragoneye

Are you blind to the notion that they've done NOTHING with it?

Except totally just shake up senior management?

You know Rick Wagoner quit because the White House asked him to, right?

[DGthe3]

Originally Posted by UCI CamaroFan

are you oblivious to the fact that the government owns 60% of GM common stock right now?

ownership isn't the same as control

[UCI CamaroFan]

Originally Posted by DGthe3

ownership isn't the same as control

It is when you own a majority stake of the voting shares.

[DGthe3]

Originally Posted by UCI CamaroFan

It is when you own a majority stake of the voting shares.

I'll have to double check on whether they are in fact voting shares or not. But regardless, even if they do have the power, they haven't used it. Why would they even bother trying to control just GM? They can force every single company who sells cars in the US to do just about anything they want.

[a_Username]

http://www.thenewamerican.com/index....inmenu-45/1290

Ford Motor Company was supposed to be the only major U.S. automaker not in need of a bailout, but this week Ford accepted a $5.9 billion loan subsidy under the Energy Independence and Security Act of 2007 (EISA).

Cough? Old article, but was only posted to prove a point.

[a_Username]

Originally Posted by UCI CamaroFan

Except totally just shake up senior management?

You know Rick Wagoner quit because the White House asked him to, right?

In regards to Rick leaving, this was done in the process of declaring Chapter 11. Essentially, he was fired from being CEO of the old GM. The new GM, the one who appeared after the debts were erased from declaring bankruptcy, has had no political influence from what we can tell. Motors Liquidation is basically irrelevant to the business actions of the new GM.

[CWI]

This may have been mentioned here already, but I saw on a tv commercial last night and an email fron GM this morning, that GM has paid their loan to Uncle Sam back in full. 5 years ahead of scedule. I'm confident the success of the new Camaro played a large part in this.

[Russell James]

Still government owned. By several governments.

61% US
12% Canada

[JJ#48Racing]

That's great! I did a seach and found a few articles, but you'd think it'd be plastered all over news websites. Sadly it's not, no mention of it on CNN or Fox News websites.

[CWI]

Originally Posted by Russell James

Still government owned. By several governments.

61% US
12% Canada

Everything is owned by the government. I've been making payments every year since i was 15.

[slacker]

I agree, it's not true. Well, it's a half truth:

"GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. The U.S. considered as a loan $6.7 billion of the aid, while the Canadian governments held $1.4 billion in loans."

Yeah, 6.7 billion is the US loan part, the rest is the "we own your company" part.

[Unfair]

Originally Posted by CWIweldace

Everything is owned by the government. I've been making payments every year since i was 15.

Yes I know, but 61% of GM is REALLY owned by the government lol