NEWS: IL Insider: Despite Death of GM's HPVO, 2010 Chevrolet Camaro SS is "Safe"
02-21-2009, 08:51 AM
#16
Registered User
Join Date: May 2000
Location: Cincinnati, OH
Posts: 210
Two points:
1) The government is not the de facto owner of GM. The loan covenants specify that the debt is subordinated debt. The government is last in line if the worst were to happen.
2) I find it both ironic and somewhat comical that the single most financially irresponsible organization in the world (i.e., the U.S. Congress) has the temerity to lecture or provide guidance to anyone regarding financial matters.
1) The government is not the de facto owner of GM. The loan covenants specify that the debt is subordinated debt. The government is last in line if the worst were to happen.
2) I find it both ironic and somewhat comical that the single most financially irresponsible organization in the world (i.e., the U.S. Congress) has the temerity to lecture or provide guidance to anyone regarding financial matters.
02-21-2009, 01:41 PM
#18
Registered User
Join Date: Aug 2006
Location: GA
Posts: 172
02-21-2009, 03:07 PM
#19
Registered User
Join Date: Apr 2007
Location: Lansing, MI
Posts: 142
It infuriates this freedom and liberty loving American that GM had to bow down and grovel before people like Nancy Peloci and Harry Reed and the other Al Gore zombies. To know that GM will have to answer in any way to them pisses me off beyond belief. That the once mighty GM has to worry about looking "Not Green Enough" to quench the tree huggers that own their soul, is frankly one of the saddest days in the history of American Industry. (and freedom, liberty, and capitalism.)
The government didn't come to GM! GM was about to close the doors due to some really bad decisions over the last several years that have finally caught up to them. That coupled with the economy going down the tubes has put GM in a corner. So they flew their nice corporate jets to Washington for a $34 billion 'loan' because they could not get it anywhere else. They said bankruptcy was not an option. They held 3 million jobs over the heads of the govt. The House approved it but the Senate killed it. So Bush steps in and uses $17 billion of TARP funds anyways. The TARP funds were NOT intended for this purpose!
Now GM is back in Washington for more money only two months later. They are once again holding 3 million jobs over our heads. They also say that DIP financing will cost the govt $100 billion in a bankruptcy, so it is better to just give them the $17 billion and avoid bankrupcy (for now).
WHEN WILL THE MADNESS STOP!
You say you are pissed off beyond belief that GM has to answer to the govt. I am just as pissed off (if not more) that GM is using the taxpayers money as a line of credit.
I love GM and their cars. My 1997 Camaro is my pride and joy. I will never willingly part with it. However I love my country more. We are heading for a cliff and are hitting the gas. For those that don't know it, our way of life (as we know it) in the USA is in jeopardy.
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