New Government Motors Commercial – We all fall down, thanks for your bailout money!
Much like their cars, Government Motors aka General Motors commercials are a joke. Witness the latest “thank you ad” from General Motors for all that tax payer funded bailout money!
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General Motors paid back its bailout loan alright! With the their TARP money!
With all the hoopla and commercials about General Motors announcement that they were repaying $4.7 billion of $6.7 billion in loans that it received from the federal government everyone was happy. General Motors brags in it’s latest commercial how the partial repayment was being made some five years earlier than expected. Great right? Well not really. According to Radio Vice Online, there are some important details that were left out of the fanfare:
What you weren’t told was that GM was able to repay the money by drawing down on a line of credit that it had from TARP! In other words, GM took funds still available to it through TARP and used those funds to repay the loan it received from the government. Of course, it now owes $4.7 billion on its line of credit with TARP, but, that doesn’t make for good news, so it wasn’t reported.
Government Motors presents the Chrysler Genericus!
I’m serious. This video might be the best one ever uploaded to Youtube. This video is basically a look at the future of Chrysler, and GM, and your future options as a car buyer. The Black Sphere should get an award for this video. Seriously.
GM gets $4 BILLION more as they prepare for BANKRUPCY???..What The!!!!
Obama’s timing for things like this. Friday afternoon before a holiday weekend, so that no one in the news will pick this up. General Motors Corp on Friday borrowed another $4 billion from the U.S. Treasury and won a cost-cutting deal from Canadian auto workers as a showdown with bondholders set the stage for a bankruptcy filing by the end of the month. The latest $4 billion in “emergency funds” extended by the Obama administration take the total government funding to keep GM afloat since the start of the year to $19.4 billion, according to Yahoo.
General Motors Bankruptcy All But Inevitable – Another $15.4 billion down the toilet
So what does $15.4 in already wasted tax payer money buy us? More than likely another bankrupt auto maker General Motors, which will probably end up something like Chrysler with 55% UAW ownership. For General Motors Corp., the task at hand is so difficult that experts say a Chapter 11 bankruptcy filing is all but inevitable.
To ‘remake’ itself outside of court, GM must persuade bondholders to swap $27 billion in debt for 10 percent of its risky stock. On top of that, the automaker must work out deals with its union, announce factory closures, cut or sell brands and force hundreds of dealers out of business — all in three weeks. More from Fox News:
“I just don’t see how it’s possible, given all of the pieces,” said Stephen J. Lubben, a professor at Seton Hall University School of Law who specializes in bankruptcy.
GM, which has received $15.4 billion in federal aid, faces a June 1 government deadline to complete its restructuring plan. If it can’t finish in time, the company will follow Detroit competitor Chrysler LLC into bankruptcy protection.
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