General Motors says it will repay government loans by June, could report profit this

[Hot Mega]

April 07, 2010, 1:29PM

General Motors Co., steadily returning to health after its near-collapse in 2009, said Tuesday it plans to pay off its government loans by June — five years ahead of schedule — and could report a profit as early as this year.

GM said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion. But things are on the upswing. Sales and production have increased and GM has gained U.S. market share since the start of the year. The automaker will try to maintain that momentum while facing a stiff challenge from a revitalized Ford Motor Co.

For the period from July 10, when GM emerged from bankruptcy protection after shedding billions in debt, through Dec. 31, GM lost $4.3 billion on revenues of $57.5 billion. But much of that loss was for one-time items, including a $2.6 billion payment to the United Auto Workers union for retiree health care. The company also reported several indicators of improving health: It took in $1 billion more than it spent in the period and began this year with $36 billion in cash and $60 billion in debt. At the start of 2009, it had $14 billion in cash and $104 billion in debt.

"General Motors should never again be in the financial position it found itself in last year," GM Chief Financial Officer Chris Liddell said during a conference call with analysts and media.

Continued at link.....

http://www.mlive.com/auto/index.ssf/2010/04/general_motors_says_it_will_re.html

 

[titsrock]

Re: General Motors says it will repay government loans by June, could report profit t

They got rid of a useless ceo clown and replaced him with someone who actually knows what the fuck to do.

It basically took a bailout for GM to "see the light" and save itself. I think we are a better, stronger nation with domestic auto brands.

Now, if only we can mandate that GM rids itself of the SUV....

 

[maildude]

Re: General Motors says it will repay government loans by June, could report profit t

It was the popular cryogenic SUV Soccer Mom Preserve Your Children Until Graduation feature that pushed them over the edge.

 

[Big Poppa Pump]

Re: General Motors says it will repay government loans by June, could report profit t

It's good news in that it's a sign that the great recession is finally ending and people are spending money again.

 

[Hot Mega]

Re: General Motors says it will repay government loans by June, could report profit t

So much for the g'ment "takeover", "socialist" talking point.:tongue:

 

[~~whimsy~~]

Re: General Motors says it will repay government loans by June, could report profit t

Not that. However, banks are starting to pay off loans as quickly as they can to get from under the government/federal shadow. They want nothing to do with them. Same with car companies. Hell yeah they are hurrying up to pay off what the government gave them. Who wants to be under that regulated shit?

Worst than a loanshark, once they gave the money, they move in and tell them how to run things with regulations.

 

[ballzano]

Re: General Motors says it will repay government loans by June, could report profit t

wow the 20 grand pity buy worked acording to the g'ment, And the volt isn't even out yet.....i smell schenanigenns

 

[tjones80]

Re: General Motors says it will repay government loans by June, could report profit t

GREAT! Give the gov back the money, just like the banks are doing. That way the gov can find a way to spend it rather than pay down the deficit. When that $$$ runs out (not to mention it won't be accounted for) then they will raise ours and corporate taxes. Sorry for all the pessimism.

 

[Hot Mega]

Re: General Motors says it will repay government loans by June, could report profit t

Not that. However, banks are starting to pay off loans as quickly as they can to get from under the government/federal shadow. They want nothing to do with them. Same with car companies. Hell yeah they are hurrying up to pay off what the government gave them. Who wants to be under that regulated shit?

Worst than a loanshark, once they gave the money, they move in and tell them how to run things with regulations.

Are you serious??? They want to pay back what they owe no different anyone else who owes someone money regardless of the circumstance. Who wants to be under that "regulated shit"? Uh, they went to the g'ment for help.

Of course the g'ment is going to regulate how you operate with taxpayer money as a condition of loans, etc. (they didn't "give" them anything). Like they do in any other circumstance. If you take out a g'ment underwritten loan there will be conditions on your use of the money too. If you filed for bankruptcy protection and reorganized your debts the g'ment through BK court is going to tell you how to repay your creditors.

~~whim that was just pitiful.:crying:

Just confess the shit worked and all the takeover nonsense was just that...nonsense.

GREAT! Give the gov back the money, just like the banks are doing. That way the gov can find a way to spend it rather than pay down the deficit. When that $$$ runs out (not to mention it won't be accounted for) then they will raise ours and corporate taxes. Sorry for all the pessimism.

"pay down the deficit"?

 

[Rey C.]

Re: General Motors says it will repay government loans by June, could report profit t

So much for the g'ment "takeover", "socialist" talking point.:tongue:

Nah, they'll hang onto that like a dog hangs onto an old bone. It's not like many of them knew the proper definition of socialism or (forced) nationalization to begin with. Say, when Hugo Chavez nationalizes say an oil company in Venezuela, have you ever heard of that company being able to buy its shares back from the government?

Though I'm not a fan of GM, I'm glad to hear that it's righting itself. That's good for all of us. But there are many, many Tier 1 and Tier 2 suppliers that are still in deep trouble. Banks still aren't lending to those businesses the way they were before. To be honest, if not for GM (and by extension, the U.S. government) and other OEM's floating loans to suppliers and paying invoices at an accelerated rate, a good many more suppliers would have failed.

So yeah, it's great that GM is cleaning up its house. Too bad the banks are even more tied to "too big to fail" now than they were before though. God forbid we have meaningful financial reforms so that a dying money center bank can be unwound. We're so much better off having to prop up that dying bank, or risk it infecting our entire financial system. If the Tea Baggers weren't so damn ignorant, that's an issue they would care about.

 

[Supafly]

Re: General Motors says it will repay government loans by June, could report profit t

As I already said here ... the USA can't go broke.

And the payback wave is another bonus.

You have the cash, just go and spend it sensible.

 

[Mayhem]

Re: General Motors says it will repay government loans by June, could report profit t

Not that. However, banks are starting to pay off loans as quickly as they can to get from under the government/federal shadow. They want nothing to do with them. Same with car companies. Hell yeah they are hurrying up to pay off what the government gave them. Who wants to be under that regulated shit?

Worst than a loanshark, once they gave the money, they move in and tell them how to run things with regulations.

GREAT! Give the gov back the money, just like the banks are doing. That way the gov can find a way to spend it rather than pay down the deficit. When that $$$ runs out (not to mention it won't be accounted for) then they will raise ours and corporate taxes. Sorry for all the pessimism.

You guys insist on being miserable, don'tcha? :weeping:

 

[~~whimsy~~]

Re: General Motors says it will repay government loans by June, could report profit t

Are you serious??? They want to pay back what they owe no different anyone else who owes someone money regardless of the circumstance. Who wants to be under that "regulated shit"? Uh, they went to the g'ment for help.

Of course the g'ment is going to regulate how you operate with taxpayer money as a condition of loans, etc. (they didn't "give" them anything). Like they do in any other circumstance. If you take out a g'ment underwritten loan there will be conditions on your use of the money too. If you filed for bankruptcy protection and reorganized your debts the g'ment through BK court is going to tell you how to repay your creditors.

~~whim that was just pitiful.:crying:

Just confess the shit worked and all the takeover nonsense was just that...nonsense.




"pay down the deficit"?

Yes I am serious. Yes they are paying it back. However, they paying it back quickly to get out from the federal umbrella.

And yes it is nonsense. I hate the bailouts. What happened to running a business, if it goes under it goes under. You dust yourself off and start again. Instead it is making a deal with the devil to keep going. Though the devil in this case is government. Now they are scrambling to pay back as quickly as they can to get away from any attachment with them.

 

[Hot Mega]

Re: General Motors says it will repay government loans by June, could report profit t

Yes I am serious. Yes they are paying it back. However, they paying it back quickly to get out from the federal umbrella.

And yes it is nonsense. I hate the bailouts. What happened to running a business, if it goes under it goes under. You dust yourself off and start again. Instead it is making a deal with the devil to keep going. Though the devil in this case is government. Now they are scrambling to pay back as quickly as they can to get away from any attachment with them.

Like I thought, you're posting just to keep from being quiet. In what scenario does a person or entity (operating on good faith) not attempt to pay off borrowed money as soon as possible???

So the policy appears to have worked for it's intended purposes (better than originally expected) and all the doomsday naysaying, "takeover" crowd (apparently you among them) can muster in response is what you're posting in this thread? That is beyond pathetic...:1orglaugh

 

[Mayhem]

Re: General Motors says it will repay government loans by June, could report profit t

Yes I am serious. Yes they are paying it back. However, they paying it back quickly to get out from the federal umbrella.

And yes it is nonsense. I hate the bailouts. What happened to running a business, if it goes under it goes under. You dust yourself off and start again. Instead it is making a deal with the devil to keep going. Though the devil in this case is government. Now they are scrambling to pay back as quickly as they can to get away from any attachment with them.

They are paying it back because that's what you do with a loan. You pay it back. Why the hell does this need to be explained? And what is so wrong with paying back to "get out from the federal umbrella?" What's wrong with incentive. I swear, only you guys could find ulterior motive for doing what you're supposed to do.:1orglaugh

No one likes bailouts. No one is supposed to like bailouts (again, why does this need explaining?). But, if all these businesses had, in fact gone under, then instead of a 2 year recession, we would have had a 10 year depression. The ripple effects would have been much worse and recovery would have dragged on and on.

 

[~~whimsy~~]

Re: General Motors says it will repay government loans by June, could report profit t

Well I posted my response in the wrong thread. Oh well. No less, I stopped taking political threads seriously when all they do is turn into tennis matches of back and forth personal opinions. So thanks for tagging along on the ride.

Now I shall wash my hands of this thread now. :hatsoff: