GM to repay government loans early!
- Thread starter OntarioVanMan
- Start date
IF they re-pay those loans will they be able to get rid of the "Car Czar" and other government controls on them? What about the silly government regulations that are killing the U.S. auto industry? Don't count on it.
I think but not sure the Gov still will be a share holder but don't quote me on that....In Canada it was straight up cash. Canadian Gov has no control over GM.
I am sure the EPA will always be in everyones business...
I am sure the EPA will always be in everyones business...
Darmstadter
Veteran Expediter
Didn't they just post a $1.2 billion loss for the 3rd Quarter?
Must be some creative finance---I don't get how you repay loans when you're still losing money, but maybe I just missed something.
Must be some creative finance---I don't get how you repay loans when you're still losing money, but maybe I just missed something.
It is "Obama Magic Math" We are NOT allowed to use it, only big business, banks and polititions can. It is NOT for us. 
chefdennis
Veteran Expediter
LOL, this is nothing but a PR move to get the American car buyers back in their corner...they think if they tell everyone they are paying back the money (which they also said they will only pay back a fraction of the total amount of Tax Payer money they were given) they will come back and buy cars again...yes they loss 1.2 billion in the 3rd qter and the only operations making money are in CHINA...they are still losing money on each vehicle they build in the US and have no money to pay anything back...oh and sales are down back to pre "cash for clunkers" sales, and people are being told to look for layoffs soon, even before the year end....GMAC just got MORE money and are not sure how long that will carry them...
This is Government Motors and no one os going to buy their cars, so we can look for them to continue to get Tax Payer money to keep people employed as Government employees...much like Amtrak...
This is Government Motors and no one os going to buy their cars, so we can look for them to continue to get Tax Payer money to keep people employed as Government employees...much like Amtrak...
WE can buy cars from Chrysler, until they fade away, or Government Motors (GM) or Ford. Ford of course has a 6 BILLION dollar investor who's name is George Soros. OR, by non-U.S. name plates. Great choices.
shesh..you guys should actually read...after extraordinary write downs..
ie: closing of dealerships and buyouts...
GM posted positive cash flow of $3.3 billion
Canada also is AGAIN carrying the NA market building the top 3 models that ARE selling..
GM does NOT breakout the Canadian stats from NA operations
GM announced LAST month a minimum 3 weeks shutdown over the Christmas holidays all depending on inventory needs...
Lets not be so tough on GM/Chrysler they asked for money and got it....They did the capitalist thing.
It is the governments 100% at fault for giving it to them...
ie: closing of dealerships and buyouts...
GM posted positive cash flow of $3.3 billion
Canada also is AGAIN carrying the NA market building the top 3 models that ARE selling..
GM does NOT breakout the Canadian stats from NA operations
GM announced LAST month a minimum 3 weeks shutdown over the Christmas holidays all depending on inventory needs...
Lets not be so tough on GM/Chrysler they asked for money and got it....They did the capitalist thing.
It is the governments 100% at fault for giving it to them...
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chefdennis
Veteran Expediter
Thats right CANADA is carrying GM as is China...the america STATE side paet of GM is losing money hand over fist still and will continue to....The 3.3 billion takes into consideration the money SAVED, not made with the dissmantling of the company, not profit made on product built and sold......keep sucking up the gov and left medis crap...GM is done...its just a matter of the Government keeping them around to keep the jobs, and nothing more....and using tax payer dollars to do it with.....
greg334
Veteran Expediter
Sorry dude but that is not the entire story and you don't know what is not being reported.
They posted a loss of 1.6 billion which is nothing but corporate BS for wall street, they realeased their financials early as part of their propaganda thing and the real numbers are not being released. The 6.7 billion that they are talking about repaying is a small percentage of what they owe the US taxpayers, their loans are more or less ten times that much and the people here say that they will never pay it all back.
They are trying to beat the interest deadline of June 2010, where they would have to release the interest on one loan (the 6.7 billion) out of their escrow account which was loaned to them too and that is where we are getting screwed as taxpayers. We should get that interest, that covers 26% of the interest we will owe on the loan we have to take to provide them a loan.
their 3.3 billion in cash flow comes from the fact they they reduced their operating expenses from 36 billiion to 9 billion and with the asset reductions (selling them off) they can post a positive in cash.
The Germans are p*ssed off beyond beleif because of the deal the US courts made with GM, Opel which is a viable company and a large market share for GM is being sold off and their labor/government groups are concern that it will become another mess that GM created.
The capitalist thing would build a product that people will buy, and if they failed, they failed but not shift the assets to a labor union and the government while screwing loyal stockholders over - that is the KMart thing.
They posted a loss of 1.6 billion which is nothing but corporate BS for wall street, they realeased their financials early as part of their propaganda thing and the real numbers are not being released. The 6.7 billion that they are talking about repaying is a small percentage of what they owe the US taxpayers, their loans are more or less ten times that much and the people here say that they will never pay it all back.
They are trying to beat the interest deadline of June 2010, where they would have to release the interest on one loan (the 6.7 billion) out of their escrow account which was loaned to them too and that is where we are getting screwed as taxpayers. We should get that interest, that covers 26% of the interest we will owe on the loan we have to take to provide them a loan.
their 3.3 billion in cash flow comes from the fact they they reduced their operating expenses from 36 billiion to 9 billion and with the asset reductions (selling them off) they can post a positive in cash.
The Germans are p*ssed off beyond beleif because of the deal the US courts made with GM, Opel which is a viable company and a large market share for GM is being sold off and their labor/government groups are concern that it will become another mess that GM created.
The capitalist thing would build a product that people will buy, and if they failed, they failed but not shift the assets to a labor union and the government while screwing loyal stockholders over - that is the KMart thing.
Thats right CANADA is carrying GM as is China...the america STATE side paet of GM is losing money hand over fist still and will continue to....The 3.3 billion takes into consideration the money SAVED, not made with the dissmantling of the company, not profit made on product built and sold......keep sucking up the gov and left medis crap...GM is done...its just a matter of the Government keeping them around to keep the jobs, and nothing more....and using tax payer dollars to do it with.....
Oh I agree eventually GM will probably go down or be sold out to another at a discount price unfortunately the government here thinks otherwise at the expense of taxpayers...I still think the government should take any cash they offer and cut them lose...to the oipen market.
chefdennis
Veteran Expediter
Oh and GM annonuced yesterday that they are cutting production of their BEST selling units, Pickups and Suv's.....by almost 200,000 units...wonder why they would do that??? Could it be that barrys auto czar told them they will produce "small cars" and they will like it.....
Oh and GM annonuced yesterday that they are cutting production of their BEST selling units, Pickups and Suv's.....by almost 200,000 units...wonder why they would do that??? Could it be that barrys auto czar told them they will produce "small cars" and they will like it.....
Just have to put the Barry spin on it eh?*LOL*
Could be as simple as they just aren't making a profit on them?
chefdennis
Veteran Expediter
LOL, They aren't making any money on anything they build or sell here but the truck line and SUV's are the only lines they lose the least on...you know like barry and his buddies say about the economy.."yea it sucks, but it doesn't suck as bad as it could....."
Pick-ups, SUV's and Larger cars are the ONLY things that make a profit. EVERY small car produced in the U.S. is produced at a loss. The Czar is in charge. His job? Wipe out the U.S. auto industry. A long time goal of the worlds left. Yeah, OVM, Barry IS involved.
chefdennis
Veteran Expediter
ovm wrote:
Yea well you might want to take a look at the Communist government run Romanian Auto industry...while they didn't "take it" over and ruin it, it was set up by the government to fail right from the start...and they ran it...Government does not care about the worker or making a profit on the products, they are just spending TAXpayer dollars.....
Transsylvania Phoenix: The Former Chief Of Communist Romanian Espionage On The Nationalization Of GM
Yea well you might want to take a look at the Communist government run Romanian Auto industry...while they didn't "take it" over and ruin it, it was set up by the government to fail right from the start...and they ran it...Government does not care about the worker or making a profit on the products, they are just spending TAXpayer dollars.....
Transsylvania Phoenix: The Former Chief Of Communist Romanian Espionage On The Nationalization Of GM
It's all for show, OVM. They have to put up a front to cover their real motives. The destruction of our industrial might and our economy.
chefdennis
Veteran Expediter
they have to show that they TRIED to save jobs...they need the people on their side....but in the end, its all about controlling the people...they won't let GM or any other of the industries they are working to take over go totally away, they will just reduce them to nothing and keep minimal people working for nothing wages as they work towards a global governance with a global economy and globalo leaders....don't think it will happen, take a look at the EU....thats not a recommondation of how well it works, because as they are seeing it doesn't but thats what those leading barry want....