U.S. Treasury: GM Repaid Loans Properly Through Escrow Account

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After an accusation by Senator Charles Grassley that GM repaid its federal loans with federal funds, in effect running a shell game, the U.S. Treasury says not so.

Full story from Bloomberg.

Post Title → U.S. Treasury: GM Repaid Loans Properly Through Escrow Account

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Senator: GM Repaid Federal Loans With Federal Funds

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Ed Whitacre may be really happy about General Motors paying off its federal loans ahead of schedule, but Iowa Senator Charles Grassley (can we call him 5.6 Billion Buck Chuck?) is not impressed.

The senior Republican on the Senate Finance Committee is calling BS on GM...alleging a shell game in which GM used TARP funds instead of its own earnings to pay back Uncle Sam.

GM and the Treasury Department are denying it. Full story at Automotive News. 

In fact, Whitacre says when it's all said and done, the US will get back its entire $50 billion investment in GM and may even make a profit. Details at The Detroit Free Press.

Post Title → Senator: GM Repaid Federal Loans With Federal Funds

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Good News For The Dealer Dudes

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One minute you're an outcast, the next, you're Mark Reuss' BFF.

Automotive News reports the GM North America president has been letting reinstated GM dealerships know by Facebook...using phrases like "Trust me dude you guys are in!"

Full story here.

Post Title → Good News For The Dealer Dudes

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Story Of The Year: Car Crash Leaves Woman In Persistent State of Sexual Arousal

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Forget the GM and Chrysler bankruptcies. This is the automotive story people will be talking about the most as 2009 draws to a close.

From Jalopnik. Though the original, significantly less smart-alecky version, including an interview with Joleen Baughman can be found on the KOAT-TV Albuquerque website.

Post Title → Story Of The Year: Car Crash Leaves Woman In Persistent State of Sexual Arousal

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You Own GM; Will You Drive GM?

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David Lazarus of the Los Angeles Times asks the question: Now that we (U.S. taxpayers) now own 60% of General Motors, shouldn't we be driving GM cars? What message does it send if we don't? His column and the answers he gets from Southern California drivers, here.

Post Title → You Own GM; Will You Drive GM?

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GM Files For Bankruptcy

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It's official. Details here.

Post Title → GM Files For Bankruptcy

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How It Happened

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The once inconceivable is now reality. General Motors, rebuffed by bondholders, appears headed to bankruptcy court and a future we can only guess at. Peter DeLorenzo's piece on Autoextremist today is the best analysis of how the mightiest corporation ever managed to fall.

Post Title → How It Happened

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Just How Far It's Gone

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A sobering article from Peter De Lorenzo at Autoextremist.com about the need for GM to re-name when (is there still a chance it's "if"?) they reorganize through bankruptcy. Read it here.

Post Title → Just How Far It's Gone

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