GM pays back US & Canadian loans way early

[Ambitious09]

It's possible. I got family high up at Bank Of America and they did the same thing. Hope this isn't true but it's possible

[Supermans]

Originally Posted by bigearl

First let me say I don't want GM to fail, and I think they have what it takes to succeed. I also want the whole process to stay above board and honest. The Government has a whole task force on cars now. They own 61% of GM's stock. I understand optimism, but it seems like people weren't paying attention and forget what they don't want to hear:



http://www.washingtonpost.com/wp-dyn...033101521.html

"There will be continuing coordination as decisions about the leadership of the company are made," a White House official said yesterday. "Folks from the autos task force will be involved in those decisions."

"There's a new CEO and new chairman of the board," said Rep. Sander M. Levin (D-Mich.). "The government will play an active role as with Fannie Mae, Freddie Mac and other institutions with a major investment from taxpayers."

http://online.wsj.com/article/SB124834709924575511.html

"The Treasury Department completed its makeover of General Motors Co.'s board, naming five new directors with backgrounds in the telecommunications and private-equity industries."

"The new board is led by former AT&T Chief Ed Whitacre, who was named GM's chairman by the Obama administration in June. The United Auto Workers, which was awarded a board seat after it made major health-care concessions to GM, named former auto analyst and onetime GM adviser Steve Girsky to the board in June."

Then Dr. Cynthia Telles is voted on to the board by the board of GM (as opposed to by the treasury), a UCLA Psychiatry professor and commissioner of Los Angeles County in a move that GM lauded as helping to restore diversity?

"Dr. Telles also serves on the boards of Kaiser Permanente and Americas United Bank, the largest Hispanic-owned bank based in California. President Barack Obama recently appointed Dr. Telles to the White House Commission on Presidential Scholars, a group that selects scholars to be recognized in a variety of fields."

I'm not saying they're bad choices, they seem to be making some good decisions so far. But the administration chose half the board and decided which half of the former board to allow to stay on. Of course they influenced the direction of GM.

Thank you.. Nice post

Originally Posted by hair10

Eh, I'll have to look around and see what other news sources are saying about it. I don't believe anything foxnews says. The lean so far to the right they need Rush Limbaugh to prop them up so they don't fall over!

So you believe everything CNN, NBC, and CBS have to say?

Originally Posted by Brokinarrow

i thought the Camaro, Equinox, Malibu, and Volt were all pretty good examples of that, just to name a few....

GM has been working on those way before Rick Waggoner was fired and before the Government bailout.

[vsound]

Originally Posted by Hylton

http://money.cnn.com/video/fortune/2...goner.fortune/

Just to note, since this interview, the government has replaced the entire Board of Directors and fired Fritz as well. Let me know if you would like more....

They deserved to be fired. Anyone who gets the country into a mess like this does.

Golden parachutes abound...

[BackinBlackSS/RS]

Originally Posted by hair10

I don't believe anything foxnews says. The lean so far to the right !

Cable new networks report the news. They all have their talk shows that lean whatever way. They all report the news accurately for the most part, if they didn't none of them would be around long. I don't watch a lot of cable news(I'm a sports junkie), but look at the ratings, FOX pounds CNN and MSNBC's asses.

[Hylton]

Originally Posted by BackinBlackSS/RS

Cable new networks report the news. They all have their talk shows that lean whatever way. They all report the news accurately for the most part, if they didn't none of them would be around long. I don't watch a lot of cable news(I'm a sports junkie), but look at the ratings, FOX pounds CNN and MSNBC's asses.

Yeah but MSNBC has all the babes....

[FenwickHockey65]

Originally Posted by Hylton

Yeah but MSNBC has all the babes....

Fox News has Julie Banderas.

[TommyTSquared]

[Supermans]

Originally Posted by vsound

They deserved to be fired. Anyone who gets the country into a mess like this does.

Golden parachutes abound...

I think you are mistaking who got this country into a mess in the first place. Do sub prime mortgage lending and Community Reinvestment Act ring any bells.. The law regulating Fannie Mae and Freddie Mac was rewritten to reduce their capital requirements, meaning they would become riskier.

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." [New York Times, September 11, 2003 ]

Anyone remember that? Ultimately this spiraled into the housing market boom and eventual crash which affected General Motors and every car company since people's home value's were slashed in half or more and people were upside-down on their mortgages.

Now Barney still has a job and is regulating GM in his position. Go figure considering he was part of the problem in the first place.

Insanity is doing the same thing over and over expecting different results. I'm hoping the people of the US learn from their mistakes and their elected officials mistakes. However it is important to know where the "mess" started and who mostly contributed to getting our country in the "mess" to begin with. Put the blame where it is deserved and then try and rectify the problems and eliminate the waste from the ground up. GM's restructuring hopefully is heading in the right direction. I have high hopes, but it is decietful things like repaying back loans with other loans that are still having interest piled on it is disingenuous at best..

[ssump29]

Originally Posted by Hylton

Even if I am paying you back with your money (which I also borrowed)?

As long as every cent comes back then yeah I don't care. I'm not losing anything by giving you let's say 10,000 and then two weeks later you pay me back with the same 10,000. I still got the exact amount back.

[HDDAN]

Originally Posted by Hylton

Yeah but MSNBC has all the babes....

You're kidding right? Fox has Julia Huddy, Julie Banderas, Michele Malkin, Laura Ingraham, Ann Coulter, Kimberly Gillfoyle, etc.
Go to this link to see the difference between the Left Wing and Republican women.
http://www.youtube.com/watch_popup?v=sXzrUztyd1Y

[HDDAN]

Originally Posted by Supermans

I think you are mistaking who got this country into a mess in the first place. Do sub prime mortgage lending and Community Reinvestment Act ring any bells.. The law regulating Fannie Mae and Freddie Mac was rewritten to reduce their capital requirements, meaning they would become riskier.

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." [New York Times, September 11, 2003 ]

Anyone remember that? Ultimately this spiraled into the housing market boom and eventual crash which affected General Motors and every car company since people's home value's were slashed in half or more and people were upside-down on their mortgages.

Now Barney still has a job and is regulating GM in his position. Go figure considering he was part of the problem in the first place.

Insanity is doing the same thing over and over expecting different results. I'm hoping the people of the US learn from their mistakes and their elected officials mistakes. However it is important to know where the "mess" started and who mostly contributed to getting our country in the "mess" to begin with. Put the blame where it is deserved and then try and rectify the problems and eliminate the waste from the ground up. GM's restructuring hopefully is heading in the right direction. I have high hopes, but it is decietful things like repaying back loans with other loans that are still having interest piled on it is disingenuous at best..

Yes, I do remember, and you are right about this. IT WAS THE SUB PRIME MESS THAT DODD AND FRANK CREATED THAT CAUSED THIS RECESSION.

[vsound]

Originally Posted by Supermans

I think you are mistaking who got this country into a mess in the first place. Do sub prime mortgage lending and Community Reinvestment Act ring any bells.. The law regulating Fannie Mae and Freddie Mac was rewritten to reduce their capital requirements, meaning they would become riskier.

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." [New York Times, September 11, 2003 ]

Anyone remember that? Ultimately this spiraled into the housing market boom and eventual crash which affected General Motors and every car company since people's home value's were slashed in half or more and people were upside-down on their mortgages.

Now Barney still has a job and is regulating GM in his position. Go figure considering he was part of the problem in the first place.

Insanity is doing the same thing over and over expecting different results. I'm hoping the people of the US learn from their mistakes and their elected officials mistakes. However it is important to know where the "mess" started and who mostly contributed to getting our country in the "mess" to begin with. Put the blame where it is deserved and then try and rectify the problems and eliminate the waste from the ground up. GM's restructuring hopefully is heading in the right direction. I have high hopes, but it is decietful things like repaying back loans with other loans that are still having interest piled on it is disingenuous at best..

I'm well aware of what caused this. I had a class on business ethics just last semester during the height of all this.

It's greed on the part of everyone--people buying homes they can't afford, and then hoping to sell them for more than they are worth. It's the bankers, too.

But it's also the CEO's, and I would love to see you dispute the golden parachutes.

"Hey, you did a crap job, but hey!!! Take these millions and come sit on our board!"

[Supermans]

Originally Posted by vsound

I'm well aware of what caused this. I had a class on business ethics just last semester during the height of all this.

It's greed on the part of everyone--people buying homes they can't afford, and then hoping to sell them for more than they are worth. It's the bankers, too.

But it's also the CEO's, and I would love to see you dispute the golden parachutes.

"Hey, you did a crap job, but hey!!! Take these millions and come sit on our board!"

I don't agree with Golden parachutes for anyone.. I'd rather see the money go to the stockholders spread out equally instead.

[Sax1031]

Originally Posted by ssump29

As long as every cent comes back then yeah I don't care. I'm not losing anything by giving you let's say 10,000 and then two weeks later you pay me back with the same 10,000. I still got the exact amount back.

We are not guaranteed to get all of our money back.

From what I understand GM has to be doing better than they have ever done in their history for us to get all of our money back when the equity is sold off.