GM CEO promises profit for taxpayers (Yeah, right.)

CNN Money ^ | 1/11/2010 | Chris Isidore

[Signalman]

DETROIT (CNNMoney.com) -- General Motors Chairman and CEO Ed Whitacre promised Monday that taxpayers will make a profit on the $50 billion that Treasury has sunk into the company over the past 13 months.

"I think the government's investment is well placed and I think they'll make a lot of money," Whitacre told reporters after an event at the annual auto show here Monday morning. "It won't be too long."

The promise of profits on the $50 billion, which was echoed by Vice Chairman Bob Lutz in an interview with CNNMoney.com, is quite a bit more bullish than any previous forecast for the return on the money made by a GM executive.

No promises at Chrysler. Across the floor of the auto show, Sergio Marchionne, the CEO of both Chrysler Group and it's Italian owner Fiat, said he couldn't make the same forecast for taxpayers' $12.8 billion investment in that automaker last year, for which Treasury got a $5.6 loan note to be repaid and just under 10% of Chrysler Group common shares. By comparison, taxpayers hold 61% of GM shares, from its investment.

"It's difficult to tell. It's a completely different arrangement that we have," Marchionne told CNNMoney.com.

[ABQHispConservative]

They’ll probably use some of Cali’s IOUs, which I’m sure are as good as money, right?

[mowowie]

I noticed driving down I-95 today that except for pickups one doesn’t see too many GM Vehicles on the highway lately.

[maggief]

BS!

IF, big IF, there are any taxpayer profits government will spend it.

[ZX12R]

Still not buying one ever again. My decision is final.

[G Larry]

It will show up as a “credit” on line 217 of your 1040.

Then, on line 314 you will multiply that amount by 3, to determine the amount of additional tax you owe....../sarc

[When do we get liberated?]

Im with you. But that Camaro...