20 May 2010
Mark Mix On the GM Loan Repayment
National Right to Work President Mark Mix has dug up a bit more information on the GM loan repayment I discussed in this previous post and this previous update. The $5.8 billion paid back on 21 April was the balance of a $6.7 billion loan at 7% interest. Obama praised GM for this repayment and its CEO Ed Whitaker touted it in an ad shown extensively on TV. This was in fact repaid with part of $43 billion of taxpayer money it received in 2009. Now, Mark Mix says this repayment was made in good part to secure a new loan for $10 billion at a lower interest rate of only 5%.
The government-chosen management and the UAW sure are demonstrating a knack for getting their hands on our money. I do not remember choosing GM as an investment. Did you?
The government-chosen management and the UAW sure are demonstrating a knack for getting their hands on our money. I do not remember choosing GM as an investment. Did you?
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