Good news on GM and Chrysler

[grantcart]

General Motors posted a $ 800 million first quarter profit compared to a $ 6 billion loss last year.

As the US is the major stockholder it means that GM is already on its way to approaching a public offering that would pay back the money that the Treasury invested in it. Chrysler also paid back $ 1.9 billion today.




http://www.leftlanenews.com/chrysler-makes-1-9b-payment-to-the-treasury-department.html

he Associated Press is reporting that Chrysler has made a payment of $1.9 billion to the Treasury Department, and the agency said that the payment has already exceeded what they anticipated recovering.

The loan payment made by Chrysler was for a loan issued on January 2, 2009, while President Bush was still in office. The loan was part of a temporary solution to allow both Chrysler and General Motors to remain in business until the next president could spend the necessary time to determine a permanent solution.

To date, Chrysler and GM have received $85 billion in aid from the federal government, and as of March, the Congressional Budget Office (CBO) estimated that the government would likely fail to recover approximately $34 billion of that amount.

The U.S. government currently owns just over 60 percent of GM, and 10 percent of Chrysler. The Treasury Department hopes to recover the majority of the aid it has provided the automakers through their future initial public stock offerings, which may come as soon as late 2010 for GM, and 2011 for Chrysler.






http://www.forbes.com/2010/05/17/gm-posts-profit-for-first-quarter-marketnewsvideo.html


General Motors said today it recorded a profit for the first quarter of $865 million. That compares to a loss of nearly $6 billion in the first quarter of 2009, prior to GM's bankruptcy.

Revenue totaled $31.5 billion, vs. $22.4 billion last year.


General Motors, which received $50 billion in bailout financing from the government, said it is actually adding to its North American production. GM is expected to go public again later in the year, so that the government can exit its ownership of the company.

[Cha]

1. I saw that on another site today!

It's great Progress which a lot of us are into.