GM Pays Back Government Loan

  • April 21, 2010
General Motors CEO Ed Whitacre said on Wednesday that the company has made its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada, paying back its government loans in full, ahead of schedule.

The announcement came at a ceremony at GM's Fairfax, Kansas, and Detroit-Hamtramck assembly centers to celebrate a $257 million investment at the plants for the next generation Chevrolet Malibu.

The Detroit-Hamtramck plant builds the Buick Lucerne and Cadillac DTS, but will be a second source for the Malibu, should market demand warrant the additional production. The plant is also slated to build the Chevy Volt electric vehicle.--Karl Greenberg

1 comment about "GM Pays Back Government Loan".
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  1. Tom Keane from USA Weekend, April 22, 2010 at 10:17 a.m.

    You have not provided the full picture of just how much GM (aka Government Motors) owes the taxpayers.

    Uncle Sam gave GM a loan of $52 billion and the Canadians loaned out $9.5 billion. While in bankruptcy the loans were re-arranged to a cash basis of $6.7 billion and $1.4 billion for the U.S. and Canadian governments respectively.

    The balance of the original loan amounts were converted to GM stock. ONLY the readjusted cash loans were paid back yesterday. GM still owes the U.S. taxpayers $45.3 billion (and $8.1 billion to the Canadians). That's why Uncle owns 61% of GM and our Northern neighbors hold 12%.

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