CAMARO6 - View Single Post - GM pays back US & Canadian loans way early

Blackbean · 04-24-2010, 07:13 AM

The money that GM paid back was part of the original amount that they borrowed from the government.The 6.6 billion was in an escrow account and they had 5 years to pay it back.They paid it back with $700 million in interest,early.
The remaining $52billion was converted into stock,and will be repaid over this 5 year window.
They got rid of Pontiac and Saturn divisions,and the industry as a whole has lost 400,000 jobs.So recovery is costing alot more than just taxpayer money.
Better to prune the tree back than let the whole thing die.

04-24-2010, 07:13 AM	#305
Blackbean Drives: 2018 1SS 1LE Join Date: Feb 2010 Location: San Antonio, Fl Posts: 168	The money that GM paid back was part of the original amount that they borrowed from the government.The 6.6 billion was in an escrow account and they had 5 years to pay it back.They paid it back with $700 million in interest,early. The remaining $52billion was converted into stock,and will be repaid over this 5 year window. They got rid of Pontiac and Saturn divisions,and the industry as a whole has lost 400,000 jobs.So recovery is costing alot more than just taxpayer money. Better to prune the tree back than let the whole thing die.