GM repay $5.8 billion in federal loans 5 years ahead of schedule.

[F Body]

This morning, General Motors Chairman and CEO Ed Whitacre confirmed that the company has paid back a total of $5.8 billion in federal loans a full five years ahead of schedule. Whitacre attributed the company's ability to make the payment, with interest, to its new strategy and the success of new models like the Buick Lacrosse and Chevrolet Malibu. FB - not to mention European model pricing and the mega bucks currently being made in China.

So my employer is out of hock but as GM received some $50 billion in loans from both the U.S. and Canadian governments, with the majority of those funds converted into company stock.

Uncle Sam still owns 60.8 percent of GM, which means that when we make a profit the tax payers start to get their money back.

http://news.bbc.co.uk/1/hi/business/8633935.stm\" target=\"_blank\" rel=\"nofollow\">http://news.bbc.co.uk/1/hi/business/8633935.stm

[Roadkill]

Well done.  

[Andy]

Why is this not a major story. Only when a big bad company is having to borrow money to survive is it newsworthy.

[Shifty]

Bad news gets higher ratings......... it's pathetic

The tabloids don't praise people these days when they do good only slate them when they do bad.........

[HardRockCamaro]

It got decent coverage in the US to be fair, not so much over here though...

Not much room in the auto pages for news on GM when Toyota are filling it up with recall notices...  

[Big Mouse]

To the average man on the street here in the UK, GM stands for genetically modified; most people wouldn't have a clue who or what General Motors is.

[F Body]