The Truth on GM’s “paying back” of Bail Out Bucks! Cornwall Ontario – May 4, 2010

The Truth on GM’s “paying back” of Bail Out Bucks!  Cornwall Ontario – May 4, 2010

Cornwall ON – So why all the false stories about GM paying back their government bail out?    According to media reports GM has paid back some of the monies given to them with other monies given to them to bail them out.  They also secured more financing at a lessor interest rate.

When you read news about companies like Ford that took no bail out monies improving that feels a heck of a lot better than reading this story.

LINK

(The Canadian government likewise gave GM $1.4 billion as a pure loan, and another $8.1 billion for an 11.7% equity stake. The U.S. and Canadian government together own 72.5% of the company.)

In short, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that. This is a nifty scheme to refinance GM’s government debt–not pay it back!

These definitely are not by father’s Oldsmobiles….oh, they don’t make Oldsmobiles anymore…

I think the car business is simple like most others.  Build good products and take care of your customers.  If you do that generally everything work out if you bust your hump and work hard.

As a small business owner I can’t stand the fact that our governments are rewarding big companies that have only proven to be failures.

What do you think Canada?  Should the government have given GM a bailout in the first place?  You can post your comments below.

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7 Comments on "The Truth on GM’s “paying back” of Bail Out Bucks! Cornwall Ontario – May 4, 2010"

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Stan
Member

Nobody consulted me as to whether I wanted to own a piece of GM. Truth be known, I wasn’t interested in the least. The government wouldn’t give me any money for my business so why did they give money to General Motors? Sounds like something out of the Liberals Adscam pages….with millions of dollars moving all around and nobody knowing where the moneys going. Now the CEO of GM says that all of the bailout money has been repaid. Oh Yeah?

Kara
Guest

i think that stan has a point!

Grimalot
Guest
Look at our dollar now. It is currently at par or higher than the US dollar. Do you see the pricing for cars here in Canada even remotely reflecting the pricing of their counterparts available in the USA? No. And the same happened the last time the US dollar was at par with ours. I just don’t understand why we go and bail out a manufacturer with our tax dollars, when times are good and we should be able to better afford a vehicle at par, but the manufacturer does nothing back for us. Watch what happens the next time… Read more »
jamiealite
Guest
Stan does have a point why cant small businesses get loans from the government why is it always big businesses why is it also that refugees or so called out of towners that move here such as people from Pakistan get 2200 dollars a month to live on from odsp and regular people like my father who has got hurt at work 20 years ago and being on odsp only pays him $850 a month and if he didn’t get the Canada pension he wouldn’t be living in a nice house he would probably end up moving in with me… Read more »
admin
Admin
My first new car ever was a 2004 Monte Carlo. I really liked it and was excited to get it, but it little things that led to big things that led me to most likely never buying another new GM product. The worst of which was Rotors that needed to be replaced every 5-10K kilometers. I’ve driven for nearly 30 years and never have had such problems with a cars breaks and GM and GMAC made such a fuss I finally had to use the courts to break the lease and end that mess. If you don’t treat customers well… Read more »
billiam
Member

Cornwall Free News is the first news media to tell us how it is. I guess you don’t expect any advertising revenue from GM, Good job admin.

Jason
Guest

It’s simple… If your business employed directly or indirectly as many ppl as GM you would have been money too. Lol it’s a bunch or crap… Let the markets collapse and correct themselves if indeed our economic structure could even do that, perhaps it is time for a new economic model

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