7 Votes

Boost it!

GM has no plans to request more government aid

tryme submitted on 10/29/2009 Official Bell & Ross Timestamp: 4:41:33 PM

5 user comments | Category: Misc News | Source: | SOURCE: www.4wheelsnews.com

Since the amount of financing provided to General Motors Co.

was sufficient, it has no plans to request more government aid, CEO Fritz Henderson told the Washington Post last Wednesday. Henderson was in Washington for meetings with congressional and Obama administration officials.

Henderson said during the interview that reasonable scenarios that GM is expected to face don’t involve the need for more assistance. Henderson said that GM continues to provide information of the status of the business to the US Treasury, which is a major shareholder. The US Treasury now holds a 60% stake in GM after giving it $50 billion in bailout and bankruptcy assistance but GM emphasizes that the Treasury is not involved in the business.

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GM has no plans to request more government aid

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tryme

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Invisible

Of course GM doesn't have to ask the government for money now. GM IS part of the government now. All the unions need to do now is tell Obama how much they need and Obama will print more money.

— Invisible (View Profile)

Posted on 10/30/2009 9:10:04 AM | reply to this comment | Votes: 0   

Hantra

They don't need more government aid. Just keep an eye on GM shares. Watch the volume explode. That's exactly what has happened to the banks for the past few months. There is no political will for more bank money, so how do you do it? Buy billions of shares. This will happen with GM.

— Hantra (View Profile)

Posted on 10/30/2009 11:04:01 AM | reply to this comment | Votes: 2   

1UAW

GM has not even drawn a quarter of the funds available from the Government. Also with the demise of a few brands we have somehow found a way to gain market share since the last three months.

— 1UAW (View Profile)

Posted on 10/30/2009 11:34:14 AM | reply to this comment | Votes: 0   

1UAW

http://money.cnn.com/2009/10/28/autos/gm_sales_projection/?section=money_latest

— 1UAW (View Profile)

Posted on 10/30/2009 11:35:46 AM | reply to this comment | Votes: -1   

thstone

First, I sure wish someone at GM would disclose the "reasonable scenarios" that their analysis is based on.

Second, if the Gov has recouped its investment on GM shares, why don't they sell them? Why hold onto such a risky investment?

— thstone (View Profile)

Posted on 11/2/2009 1:21:15 PM | reply to this comment | Votes: 1   

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