Wednesday, April 21, 2010

Great Econ News

GM to invest $257 million in Detroit, Kansas plants | freep.com | Detroit Free Press:

"General Motors CEO Ed Whitacre said today that he expects the U.S. government to recoup its entire investment in the automaker.

Before a cheering crowd in its Chevrolet Malibu plant in Kansas City, Kan., General Motors CEO Ed Whitacre confirmed today that the company has paid off $5.8 billion in loans owed to the U.S. and Canadian governments five years ahead of schedule.

Talking to reporters after the announcement, Whitacre said he expects GM's initial public offering to be valuable enough for the U.S. government, a 60.1% shareholder in the automaker, to earn back more than $40 billion in equity..."
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2 comments:

billy pilgrim said...

i'm dying to see how that ipo is going to work. the auto workers plan to sell their stake and it seems to be timed to take place after all the stimulus money is turned off.

6:51 PM
Bob Harrison said...

I've wondered about that, too.

11:23 PM

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