Is it possible that those heinous bailouts actually worked!!!!!
http://www.gm.com/?seo=msn_|_2010_GM_Loan_Repayment_|_Loan_Repayment_|_GM_Repay_Loan_|_gm_repays_loans
Chief executive officer Ed Whitacre announced the repayments Wednesday at GM's Fairfax Assembly Plant in Kansas City, Kan., and also said the company was investing a total of $257 million in that factory and the Detroit-Hamtramck plant. The payments were made Tuesday.
The White House pointed to GM's repayment of the loan and Chrysler Group L.L.C.'s posting of an operating profit in the first quarter of 2010 as concrete signs that the bailout of the U.S. automakers was working.
In a report, the Obama administration noted the U.S. auto industry lost 400,000 jobs in 2008, and analysts estimated an additional 1 million would have been lost had GM and Chrysler been liquidated. In the last nine months, the White House said automakers had added 45,000 jobs, the industry's strongest job growth in nearly a decade.
GM received $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. At first, the entire amount of U.S. aid was considered a loan as the government tried to keep GM from going under and pulling the fragile economy into a depression.
During bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest into company stock, while the Canadian government held $1.4 billion in loans. Those loans were repaid Tuesday, five years ahead of schedule.
The stock they hold means the U.S. government owns 61 percent of GM, and Canada owns roughly 12 percent.
http://www.philly.com/philly/business/20100422_GM_repays_loans_to_U_S__and_Canada.html
