GM to repay loans Weds

[BonzoHansen]

Sounds like they have good accountants!

[BigAls87Z28]

This is gunna get real cloudy, real fast. GOP is looking for a target, and GM is it...again.
GM is owned 61% by the Treasury, and the money that was spent to get them going again was mixed in with a lot of the money that they are making now, and they are making a lot of money. This will be all moot and more Fox News/GOP witch hunting next month.

Originally Posted by BigAls87Z28

This is gunna get real cloudy, real fast. GOP is looking for a target, and GM is it...again.
GM is owned 61% by the Treasury, and the money that was spent to get them going again was mixed in with a lot of the money that they are making now, and they are making a lot of money. This will be all moot and more Fox News/GOP witch hunting next month.

Al, you dont have the facts just like no one else does. some people listen to the media, you choose to listen to someone else. none of us have first hand knowledge of what is going on. Dont act like someone is stupid because they choose to listen to a different source than you. Its the same as people commenting on whats happening over seas. you know what you are told, that doesnt mean it is the truth

[BigAls87Z28]

Originally Posted by JerzLT1

Al, you dont have the facts just like no one else does. some people listen to the media, you choose to listen to someone else. none of us have first hand knowledge of what is going on. Dont act like someone is stupid because they choose to listen to a different source than you. Its the same as people commenting on whats happening over seas. you know what you are told, that doesnt mean it is the truth

The war is different then this.

GM was given X amount of money to keep things going
The restructured under Chap 11. and with VEBA negotiations that was worked out in late 2007, GM has now become profitable.
The money that GM took from the government that they needed to keep afloat in 2008/2009, sitting in GM's bank, was given back because they can now run on their own.
They no longer need the cash fronted to them by the Treasury.
The next step would be to totally remove themselves from the government once GM issues and IPO.
GM payed back the loan. Did they spend ALL the money that was given to them by the Treasury?

If you take a loan out for 1000 bucks, use it to help spur business. Business picks up and you didnt have to touch the loan or touched very little of it, what do you do?
You pay it back. GM did pay it back. Fox wants to spin it that GM is NOT functional, that the Obama administration made a mistake and that they should kill GM.

[Frosty]

Sweet, I didn't realize the ENTIRE station has the view, I didn't get the memo. Did MSNBC tell you all of this?

[Tsar]

Dudes, only Al can be unbiased - the rest of the world has an agenda. Just accept it and move on.

[Frosty]

I didn't get that memo either. I wouldn't doubt FNC has a biased approach but not everything is a conspiracy against The Messiah and GM....

[Blacdout96]

Lets get back on topic before it's locked up for politics

great to hear GM is stepping in the right direction again. Toyota is lookign down, and GM is looking up, lets just hope it stays that way, meaning keep the bean counters out of the R&D, design, and production rooms.

[Frosty]

GM got a 2nd chance, lets hope they make good on it. I still don't agree with the bailout but if they can truly come out of this OK and prosper then it's all good I suppose.

[BigAls87Z28]

Can't tell me that FNC is anywhere near fair and balanced when the majority of their shows are opinion shows.

[qwikz28]

Can someone explain to me why its bad that GM (allegedly?) used TARP money to repay loans? Is it cause it doesn't really prove that GM is profitable? I read on another forum that if GM used TARP funds, that that is even better, cause it shows that they allocated some just in case funds when they got the TARP and ended up not needing it since the market bounced back quick enough. Someone wanna help me out here, I really don't have time to read an entire op-ed on this nonsense.

[Frosty]

Originally Posted by BigAls87Z28

Can't tell me that FNC is anywhere near fair and balanced when the majority of their shows are opinion shows.

But not everything is a big conspiracy man...yes Fox leans right and some stuff is blown out of proportion but they've been right about A LOT of stuff.

[BonzoHansen]

so they paid tarp funds back with tarp funds? is that the crux of this? I need to go read that pile of Journals I have upstairs.

[Tsar]

Yea, in short GM is using money from their 52 billion dollar of total "infusion" to pay off their current loan "in full". GM hasn't made a single cent of profit since 2004, and they just posted a loss of almost 5 billion dollars. How can they possibly pay anything off right now? They just need to make few critical steps to qualify for a Bernie Madoff show

Also FTC is looking into this because of the whole "we paid back in full" fiasco.

General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers "in full." But the claim isn't standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.

...

"The bottom line seems to be that the TARP loans were 'repaid' with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials," he wrote.

GM Could Be in Hot Water With FTC Over Truth in Advertising

[LTb1ow]

Originally Posted by Tsar

Yea, in short GM is using money from their 52 billion dollar of total "infusion" to pay off their current loan "in full". GM hasn't made a single cent of profit since 2004, and they just posted a loss of almost 5 billion dollars. How can they possibly pay anything off right now? They just need to make few critical steps to qualify for a Bernie Madoff show

Also FTC is looking into this because of the whole "we paid back in full" fiasco.



GM Could Be in Hot Water With FTC Over Truth in Advertising

How can GM possibly NOT make money in a market that has toyota bleeding profusely....

[BigAls87Z28]

GM will post its Q1 profits early May.
The Q4 loss was due to a one time tax charge. Only part of GM that isnt making money is GM Europe because they are rolling out tons of new product.
Like I said before, Jan 1st, 2010 the VEBA contract that GM signed with the UAW in late 2007 was going to put GM into the black as planned back in 2007, using those figures.

If anything, its a symantics issue. They either paid back or gave back the TARP funds as in they no longer need government loans to keep them afloat.

[Frosty]

I'll believe it when I see it. No, that's not a knock on GM nor am I buying into what FNC is saying but in a day and age of shady accounting practices(Goldman Sachs anyone?) and other ways of fudging the numbers I'm a bit skeptical.

I'm curious to see/hear the FTC findings.

[BigAls87Z28]

I think it will moot come next month. GM will post great earnings for the first time in a while, and people will just be happy again.
This was a big boost of morale inside GM. Lots of them were really happy that this was over.

[SteveR]

How I understand it GM took funds out from a second account to repay the first loan and claimed they paid it back in full, whereas in truth they simply created a second loan I don't really believe any profit numbers as it's so easy to fake them. GM could say they had profits in a quarter and simply took TARP money and rolled in over into an account and called it profit. I've seen plenty of other companies do that. The other big one is lay a bunch of people off and call that profit too, as you no longer have to pay overhead costs for them. Pfizer is big with that one. Save $8 million in payroll. "Hey, we profited $8 more million this quarter! Let's tell Wall Street!" Whereas the product sales went not up but down but through tricky book keeping, they can declare profits. I'd like to see sales figures. That's probably the best way to tell profit or equity in the market.

[Frosty]

Originally Posted by BigAls87Z28

This was a big boost of morale inside GM. Lots of them were really happy that this was over.

Sweet, you're inside the executive building? Nice.

[BigAls87Z28]

Originally Posted by Frosty

Sweet, you're inside the executive building? Nice.

I have made a lot of friends with some high and mid ranking GM execs, thanks to GMI.
They are also all over twitter and facebook talking about it.

[NastyEllEssWon]

Originally Posted by BigAls87Z28

I have made a lot of friends with some high and mid ranking GM execs, thanks to GMI.
They are also all over twitter and facebook talking about it.

al loves playing junior gm public relations. the truth to the matter is that if there is anyone that is biased and spinning the truth...its you...but thats ok, we expect it from you and gm. im sure if gm needs anymore help with this problem theyll give you a call down there at the desk at autozone and consult you like always.

[BigAls87Z28]

Originally Posted by NastyEllEssWon

al loves playing junior gm public relations. the truth to the matter is that if there is anyone that is biased and spinning the truth...its you...but thats ok, we expect it from you and gm. im sure if gm needs anymore help with this problem theyll give you a call down there at the desk at autozone and consult you like always.

We shall see.
Actually I will be on a conf call with some GM people Weds. Ill let you guys know how it turns out.

[Frosty]

Originally Posted by BigAls87Z28

I have made a lot of friends with some high and mid ranking GM execs, thanks to GMI.
They are also all over twitter and facebook talking about it.

I was just being a wise ass man.

[BigAls87Z28]

No ****. Look I don't have to explain myself regarding GM just that I enjoy my little job that involves talking and interacting with GM employees.