Well there is always a good backup plan:
Posted on 04/26/2010 12:38:41 PM PDT by Stoutcat
…General Motors admits that the company is repaying the loan with other government money, but says a year ago “nobody thought we’d be able to pay this back.”
And of course, that’s the problem, isn’t it? It’s almost as if General Motors honchos don’t want to admit that paying one loan back with another loan (from the same source) isn’t paying the loan back at all. It’s just transferring the liablity from one bucket to another within the same well.
How many more politicians will call Whitacre out for his lies? How much more can the unions gouge out of GM via all those loans? How much lower will Whitacre and the unions sink General Motors before the company loses all claim to any kind of credibility at all...
(Excerpt) Read more at grandrants.wordpress.com ...
How Much More Pathetic Can GM Get?
How much more is there?
They simply didn't make it back.
What we have now is the UAW trying to run some wornout super annuated factories.
“So, anyone who buys a GM car or truck will be paying that $12 billion”
Not likely. Ever here of the PBGC (Pension Benefit Guarantee Corporation)?
Guess who covers the loss. Go ahead... Guess... :)
But of course most Hussein voters wouldn’t understand this GM fraud and absolutely NONE would care anyhow. So for GM and Hussein, it’s a WINNER!!!! YIPPEE!!
Yes, that would explain the CEO being ordered to step down. That “special” bankruptcy proceeding was something else, more akin to a mob shakedown.
I was repulsed when I saw a TV commercial with the GM CEO prancing around, bragging about paying back the loan five years early... I will never buy another GM vehicle and I liked GM trucks.
In addition to the loan that was paid back but really wasn’t, there is the tiny matter of $50 billion or so in “equity” that the government is holding.
This would be like some kids’ parents buying $500 in “stock” in their corner lemonade stand with the expectation that some day the lemonade stand would be worth something and they can sell their $500 worth of stock to a bigger fool.
Small problem.
There is no bigger fool now and likely never will be.
Result?
$50 billion down the crapper.
When you pull this stuff,
They don’t call it “High Finance”
It’s called “Check Kiting”...
You can never find a death panel when you need one.
That man has a solid future as a politician.
He should start practicing now. We have paid back more loans than anybody in history. We are cutting deficits more than anybody in history. We have the most ethical adminstration than any body in history.
GM exists for the unions.
Well there is always a good backup plan:
"Some people opposed giving GM another chance. Frankly I can respect that."
But his "respect" for us doesn't preclude him from telling a bald faced lie in the next breath.
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It’s sad that this nightmare had to happen at all.
GM has some nice vehicles in their showrooms, Vehicles that started their development years ago.
Just whe GM FINALLY makes their products right they run their business into the ground.
Enjoy your 2010-2012 models, it’s all downhill from here.
Sad.
Are commercials in which GM lies about its loan status conducive to trust and sales?
Perhaps, Lee Iacoca was on the brains of the propagandists.
When will GM bring out the Obamamobile line of cars? You know, a car line that comes all pimped out? I’m thinking this would be a natural for them. Think of the money they could save their customers buying whirly wheels and boom boxes at wholesale?
Mark Steyn describes it as borrowing from Paul to pay Paul.
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