Heard this when I was in the liquor store tonight that GM has paid back their loan to the gov't and earlier than planned.
However reading the story, the "loan" is a fraction of what they were actually given...
http://www.google.com/hostednews/ap/...7WW_QD9F7I9B82
Now since they are repaying their loan, when am I going to get my $8k tax credit???
However reading the story, the "loan" is a fraction of what they were actually given...
GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. At first the entire amount of U.S. aid was considered a loan as the government tried to keep GM from going under and pulling the fragile economy into a depression.
But during bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest to company stock, while the Canadian governments held $1.4 billion in loans.
The automaker hopes to repay the remaining $45.3 billion to the U.S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year. The U.S. government now owns 61 percent of the company and Canada owns roughly 12 percent.
But during bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest to company stock, while the Canadian governments held $1.4 billion in loans.
The automaker hopes to repay the remaining $45.3 billion to the U.S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year. The U.S. government now owns 61 percent of the company and Canada owns roughly 12 percent.
Now since they are repaying their loan, when am I going to get my $8k tax credit???
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