Blue Oval Guide Posted November 24, 2009 Share Posted November 24, 2009 GM: Taking Taxpayers for a Ride For starters, $6.7 billion doesn’t begin to scratch the surface of what G.M. actually owes us. Over the past 12 months, the Treasury has given it some $52 billion in the form of cash, loans and the purchase of that 60 percent of the company’s post-bankruptcy equity. And that number fails to take into account the two bailouts of G.M.’s former lending arm, GMAC, or the $3 billion spent on the “cash for clunkers program,” which doubtless kept the company from posting even deeper losses. Moreover, G.M. is not, in the strictest sense, paying back taxpayers at all. Rather, it is refunding $6.7 billion of an $18 billion escrow account that was given to it by the government when it emerged from bankruptcy. The rest of that account will be used to cover fourth-quarter losses (including $2.8 billion pledged for the rescue of G.M.’s major parts supplier, Delphi), repay loans from the Canadian government, and possibly prop up the automaker’s shaky European operations. That escrow account is due to expire in June, at which time G.M. will repay what remains of the $6.7 billion from this week’s pledge — and then pocket the estimated $5.6 billion remainder. CLICK HERE TO READ MORE Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted November 24, 2009 Share Posted November 24, 2009 Criminentlies. TTAC just got an OpEd column in the Times. Quote Link to comment Share on other sites More sharing options...
mustangman9494 Posted January 11, 2010 Share Posted January 11, 2010 Criminentlies. TTAC just got an OpEd column in the Times. would somone update this webpage please!!!!!!!!!!! Quote Link to comment Share on other sites More sharing options...
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