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| Should GM repay $10B rescue cost? CEO says no |
| 2013-12-18 |
| [USATODAY] The General Motors bailout may have cost the government $10 billion, but GM CEO Dan Akerson rejects any suggestion that the company should compensate for the losses. He says Treasury officials took the same risk assumed by anyone who purchases stock. "I would not accept the premise that this was a bad deal," Akerson said during a question-and-answer session at the National Press Club in Washington. He also said the government's $49.5-billion aid to GM helped save billions of dollars in tax revenue and government social services. Akerson spoke in the wake of Treasury announcement last week that it sold its last shares in GM and Akerson's decision to retire in January. The automaker's board of directors named Mary Barra, the company's first woman CEO, to succeed Akerson. The speech also came as GM announced it is investing $1.2-billion in five U.S. plants, which Akerson said is a recognition that after 15 straight profitable quarters the automaker can't rest on its success. "We are in a capital-intensive business that demands steady and significant investment," Akerson said, as he discussed many of the changes that had to be made to the automaker's corporate structure after exiting a "quick rinse" bankruptcy in 2009. |
| Posted by:Fred |
| #10 Maybe its bullsh!t like this that will cause my driveway to be barren of GM products for the rest of my life. (cannot speak for friends that support the General and continue to keep buying his crap, however) |
| Posted by: USN, Ret. 2013-12-18 22:42 |
| #9 Doesn't matter - FIFY |
| Posted by: P2Kontheroad 2013-12-18 17:29 |
| #8 Got to give credit to Willie Sutton -- at least he didn't say he should not pay back the money he stole because he'd pay taxes and not collect govt benefits. Different times I suppose. |
| Posted by: regular joe 2013-12-18 15:09 |
| #7 Hell no, they're init for the cash. Not that they owe it, but not in hell going to pay it. |
| Posted by: Redneck Jim 2013-12-18 14:49 |
| #6 Doesn't matter - GM is 'to big to fail'... |
| Posted by: CrazyFool 2013-12-18 13:45 |
| #5 Perhaps we'll keep it in mind next time GM needs a bailout. |
| Posted by: Fred 2013-12-18 13:39 |
| #4 I own NO GM stock, for obvious reasons. |
| Posted by: Redneck Jim 2013-12-18 11:18 |
| #3 15 straight profitable quarters ...but nothing left for the taxpayer. |
| Posted by: Besoeker 2013-12-18 08:42 |
| #2 GM says no because the money went to the Union. Of course the follow-up question should be "what has the CEO and Board of Diretors of GM done since 2009 to ensure taxpayers are not on the hook for future bail outs"? |
| Posted by: airandee 2013-12-18 08:31 |
| #1 Have you paid the Original Shareholders? |
| Posted by: newc 2013-12-18 00:12 |