Posted on 04/22/2010 5:30:58 AM PDT by Stoutcat
...[GM] CEO Ed Whitacre is telling us the truth, but not the whole truth. What about the other $45 billion that American (and Canadian) taxpayers gave General Motors last year, which was originally part of that loan? Why doesn’t he mention that still-outstanding amount as he so proudly touts the payback of less than 14% of GM’s unsettled debt? When do we get that money back?
[crickets]...
And what about the GM bondholders who were left with $.00 on the dollar ?
How about the shareholders who got bupkis for the company. The US Government stole their company.
...but Wall Street IS paying it back. Go figure. Same accounting is involved, I’m sure.
Yeah...he has you believing that the gov’t doesn’t own GM any more. LOL!
How can a bankrupt company that is running a loss pay back any “loan?”
By getting a bigger loan, off camera.
Apparently they got 8 billion. Then they got another 45 billion for a total of 53 billion. They took 8 billion from the 45 billion and paid off the 8 billion. Now they only have 37 billion left of the original 45 billion.
So, the question is: Do they still owe the original 53 billion?
Nice shell game.
Exactly. This stain won't be removed in my mind, till the bondholders and shareholders are made whole and the union and goobermint no longer control the company.
No, 45. The original 8 has been repaid, leaving 45 of the 53.
The guy who built our house had a big chunk of his retirement in GM bonds. He figures he’ll have to work until he’s 80.
I was just trying to show just how stupid this all is. This is Barney Frank type of accounting.
One goes in, one comes out, one goes in, one comes out...
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