GM expects to get billions more from government. what's this?

Unfair · 07-27-2009, 07:29 PM

http://www.foxnews.com/story/0,2933,534958,00.html

Quote:

General Motors Co. Treasurer Walter Borst said Monday the auto maker expects billions in additional Energy Department funding now that the auto maker is "viable."

GM has applied for more than $10 billion in Department of Energy funds, according to a spokesman for the company. The spokesman said GM expects to receive most, but not all of that funding if the DOE approves GM's loan request.

Such loans would further extend the taxpayer commitment to GM's reorganization. The Treasury Department has already committed at least $50 billion in direct bailout funds to GM, and billions more to its affiliates, such as supplier Delphi Corp. and lender GMAC LLC.

The DOE has thus far withheld putting funds into GM because of the auto maker's bankruptcy and financial troubles.

Mr. Borst, speaking to a congressional oversight committee for the Troubled Asset Relief Program in Detroit, said securing those funds are a component of GM's shorter-term liquidity assumptions. He pointed to those funds as one of the sources of liquidity GM is factoring into its plans in order to meet its capital requirements in the future.

Again?! COME ON!

Supermans · 07-27-2009, 07:36 PM

Are you surprised?? We can all keep our health care plan if we like it as well ..Up until they are all driven out of business..And that is why private companies cannot compete with the endless printing of money for Government run entities.. If this keeps up, how can Ford survive as well with all the restrictions being placed on their vehicles forcing them to spend billions on research and development or else they will go out of business and file for the same GM bankruptcy plan and become Gov-Ford.. Two loans ago, the same thing, that it is for the future and that down the road it will be paid back.. I don't believe it will in my lifetime at this pace...

UCF w00t · 07-27-2009, 07:38 PM

This is the same loans that have already been approved by the fed for Ford, Toyota, et al.

Unfair · 07-27-2009, 07:40 PM

Yea i really don't see how they are going to pay the government back but that is another can of worms. ehh

Zabo · 07-27-2009, 08:08 PM

/ragequit

THAT'S IT I'M BUYING A GENESIS! AT LEAST THEY DIDN'T TAKE DOE FUNDS! :poutyface:

Supermans · 07-27-2009, 08:43 PM

Quote:

Originally Posted by Zabo

/ragequit

THAT'S IT I'M BUYING A GENESIS! AT LEAST THEY DIDN'T TAKE DOE FUNDS! :poutyface:

lol..

07-27-2009, 07:36 PM	#2
Supermans Camaro & Stang Enthusiast Drives: 2011 Mustang 5.0 in Kona Blue Join Date: Mar 2008 Location: Miami Posts: 4,729 View My Garage	Are you surprised?? We can all keep our health care plan if we like it as well ..Up until they are all driven out of business..And that is why private companies cannot compete with the endless printing of money for Government run entities.. If this keeps up, how can Ford survive as well with all the restrictions being placed on their vehicles forcing them to spend billions on research and development or else they will go out of business and file for the same GM bankruptcy plan and become Gov-Ford.. Two loans ago, the same thing, that it is for the future and that down the road it will be paid back.. I don't believe it will in my lifetime at this pace... __________________ Bought my Camaro from Eric Hall(817) 421-7266

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07-27-2009, 07:38 PM	#3
UCF w00t Geek Drives: IOM 2010 Camaro 2SS Join Date: Oct 2008 Location: Orlando Posts: 4,451	This is the same loans that have already been approved by the fed for Ford, Toyota, et al.

07-27-2009, 07:40 PM	#4
Unfair Banned Drives: 2001 Camaro SS Join Date: Jun 2009 Location: Chicago, IL Posts: 754	Yea i really don't see how they are going to pay the government back but that is another can of worms. ehh

07-27-2009, 08:08 PM	#5
Zabo Gunning for Sixth Drives: '03 ZR2 Blazer Join Date: Sep 2008 Location: Woodhaven, Michigan Posts: 9,358 View My Garage	/ragequit THAT'S IT I'M BUYING A GENESIS! AT LEAST THEY DIDN'T TAKE DOE FUNDS! :poutyface: