General Motors Doesn't Want to Pay Back the Bailout Despite Claiming It Paid the Bailout Back

Does anyone trust General Motors? Why should you? Not too long ago, the claimed they paid back the bailout money the federal government gave them.



Now they are saying they may never payback the bailouts:

General Motors’ new stock got a good start out of the gate Thursday, opening up 6% to $35 from its offer price in its first trade…

…New CEO Dan Akerson said this was the right time for the company to go public again, but stopped short of promising that taxpayers would be paid back with future stock sales.

In January, then-CEO Ed Whitacre promised that taxpayers would be repaid and might even make money on the bailout.

“I think the government’s investment is well placed and I think they’ll make a lot of money,” Whitacre told CNNMoney on the floor of the annual auto show in Detroit. “It won’t be too long.”

But Thursday, Akerson, who succeeded Whitacre as CEO in September, was more cautious when speaking to CNNMoney on the floor of the New York Stock Exchange Thursday before the start of trading.

“I don’t know where the market is going to be a year or two down the road, so I can’t make such a bold statement,” he said. “Sure, I’m hopeful, and I’m not saying it can’t happen. I think the company is well positioned … so things look good for General Motors.”




One has to wonder if the big campaign money they donated to Republicans like Billy Long of Southwest Missouri was to get the new Congress to turn a blind eye to the fact GM doesn't have any intention on paying the US taxpayer back. I think the US taxpayer should send GM a message and not buy another GM product until we are paid back.

I know I will never buy another General Motors product.