OK, so they're replacing the $6.7B owed with funds already allocated, which will wipe the existing debt and reduce the amount of credit available. You are aware, of course, that at least that $6.7B will be back in circulation, won't have as much paper to burn through, and that this is basically an admission that GM is dead, right?

They suck.

They are also going to use taxpayer monet to pay back a $3 billion bridge loan from the German government that they were given when they were trying to sell Opel. Now they decided they aren't selling but still want the German government's money and they can't figure out why they won't just give it to them.

Watch the shell game folks. Your money just went under a shell .. now see if you can follow it!

Reminds me of the plan to use TARP funds to pay down the deficit.

Just let them go out of business. Maybe save Chevy, but that's about it.

I'll take my share in the form of a fully loaded Tahoe.

as the corporate brass and former GM stock holders Laughed all the way to the bank at GM's and the Nation's expense.

kittyhas1000legs: Just let them go out of business. Maybe save Chevy, but that's about it.

It's called diversification. I thought GM was a bank or credit card company now anyway.

Without the overhead of factories and unionized workers, a big liquidation sale, some paper shuffling and the power to charge interest on a huge chunk of virtual money - another bigwig might be set free with a large bonus next quarter. Go America!

....meanwhile, the folks over at Ford Motor Company are ordering popcorn by the truckload, while Chrysler's guys are buying adult diapers and clean underwear in bulk....

I don't know when I read about it, but I was really surprised and terrified when an article said GM is not making on car, but rather on their loan. That was like years ago, I'm surprised shiat didn't hit the fan sooner.

Masso: I don't know when I read about it, but I was really surprised and terrified when an article said GM is not making on car, but rather on their loan. That was like years ago, I'm surprised shiat didn't hit the fan sooner.

Yeah, well, GMAC is to financing what GM is to auto manufacturing. They've already been bailed out twice and are in the process of getting a third.

All those commericals you've been seeing for Ally Bank? It's GMAC with a new coat of paint, and those great services and rates they're offering are possible thanks to the continued support of taxpayers like you.

That included $17.4 billion in a special account created with bankruptcy financing provided by the U.S. government. GM said it had allocated $8.1 billion from that taxpayer-funded account to pay down its government debt.

Does not necessarily mean Taxpayer funds, it usually means new low interest loans, and lines of credit.

more of like borrowing from Peter to pay Paul

Kanemano: That included $17.4 billion in a special account created with bankruptcy financing provided by the U.S. government. GM said it had allocated $8.1 billion from that taxpayer-funded account to pay down its government debt.

Does not necessarily mean Taxpayer funds, it usually means new low interest loans, and lines of credit.

more of like borrowing from Peter to pay Paul

Or like "investing" your Social Security proceeds in US Treasuries or keeping the deficit low by making half your expenditures "off-budget". You can't say they haven't learned from their new masters.

I'll never buy a Government Motors car in my life.

They can save some dough by reducing the payback by my percentage and giving me a new Corvette ZR1.

C'mon! Take the offer! It's win-win!

Nemo's Brother: I'll never buy a Government/UAW Pension Motors car in my life.

relcec: Nemo's Brother: I'll never buy a Government/UAW Pension Motors car in my life.

Fixed that for me.

They're going to have to rebadge a lot more Daewoos to pay that off!!

Nemo's Brother: relcec: Nemo's Brother: I'll never buy a Government/UAW Pension Motors car in my life.

Fixed that for me.

It sure looks like you just outed your alt, amirite?

Kuroshin: They can save some dough by reducing the payback by my percentage and giving me a new Corvette ZR1.

C'mon! Take the offer! It's win-win!

C6R for me, please.

And after all this, their cars will still be shiat.

Mmmmm..unions.

nosferatublue: Nemo's Brother: relcec: Nemo's Brother: I'll never buy a Government/UAW Pension Motors car in my life.

Fixed that for me.

It sure looks like you just outed your alt, amirite?

I have no alts.

Somebody said that GM is like a giant union retirement home that happens to sell cars in the gift shop.

cranched: Somebody said that GM is like a giant union retirement home that happens to sell cars in the gift shop.

Ah, unions: the classy intersection of Sloth and Politics.