CEO: GM aims to pay taxpayers back

[Omaha Steve]

http://www.omaha.com/article/20100917/MONEY/709179919#ceo-gm-aims-to-pay-taxpayers-back

Photo: http://www.omaha.com/apps/pbcsi.dll/bilde?Site=OW&Date=20100917&Category=MONEY&ArtNo=709179919&Ref=AR&Profile=1009364&maxw=600&maxh=400
Patti Burkel, left, and Tasha Livingston install wiring in a car door recently at GM’s assembly plant in Lordstown, Ohio.


Published Friday September 17, 2010

DETROIT (AP) — It will take a couple of years for taxpayers to get back the billions they spent bailing out General Motors, but the company has a goal of returning the money, GM’s new CEO said Thursday.

CEO Daniel Akerson said that the government won’t be repaid with the company’s initial public stock offering, which could happen later this year, but couldn’t answer more specific questions about the sale.

Akerson, GM’s fourth CEO in less than two years, also indicated that management will be stable in the future, saying he doesn’t expect to make any changes.

“I like the team that’s on the field,” he said.

Akerson, a former telecommunications industry executive and GM board member since July 2009, said the $50 billion government bailout of GM saved a lot of jobs and helped to preserve the country’s manufacturing base.

FULL story at link.