GM Says Its Cost Cuts Mean It Won't Need $2 Billion Government Loan Installment

[Purveyor]

Source: Associated Press

General Motors Corp.'s chief financial officer says the company will not need the $2 billion loan installment for March that it requested from the U.S. government in February.

CFO Ray Young said Thursday in an interview with The Associated Press that GM told the Obama administration it won't need the money so soon because its cost cuts are starting to take hold.

GM borrowed $13.4 billion from the government earlier this year. Last month, it said it would need up to an additional $16.6 billion to keep operating, including $2 billion in March and $2.6 billion in April.

Read more: http://www.app.com/article/20090312/BUSINESS/90312054/1003

[blue_onyx]

1. That's good to hear

It's nice to have a little good news once in a while.

[madmom]

2. So is GM playing chicken or what?

[raccoon]

3. I was wondering something similar. One day they're about to declare bankruptcy, the next--this? nt

[Igel]

4. Look at it this way.

If the US government were to be selling T-bills to China and found out that China was setting up a "US advisory board" to tell the US how to run its government since, after all, we're so in debt to China, what do you think the response would be from Obama and Congress?

My bet? We'd have a balanced budget presented by ... is today Thursday? By Friday 9 a.m.

[TheWatcher]

5. Maybe the reason we are getting this Propaganda is because Uncle Sugar has had a Private Little Chat

With these Failed Institutions and told them,

"The Tap Is Dry. There is no more to lend. We couldn't give you any more even if we wanted to. You're On your own."

Why is no one considering this?

On Monday, we were facing the collapse of the Banking System itself, save for JPM and Wells Fargo, GM was collapsing, and GE was whispering warnings and giving indications they could be Bankrupt by the first week of June.

Now three days later all of these Institutions are parroting Propaganda from the SAME script of a leaked Memo that has no substantive base in reality, they are all smiling and saying "We don't need any more help, we're all profitable now?"

America, for GOD SAKE, please WAKE UP.

YOU ARE BEING LIED TO.

THIS. IS. A. FRAUD.