|
GM made a good move here, being able to use money gained from the TARP equity purchase to pay off the loans is a good thing but GM and the White House tried to spin it into a big PR win which simply isn't appropriate while the taxpayer is stuck with so much invested in GM and no real idea of when or even how much they of it they will get back. What makes it even worse is that GM payed off a loan of 7% owed to the government ahead of schedule instead of a smaller $2.5 billion 9% loan owed to the unions which just makes the PR crap even more obvious. I hope GM succeeds in their turn around but I'm not going to pretend obvious PR stunts are some great accomplishment.
|