GM still owes us $20 to $30 billion. And will still be in bankruptcy in two years.
The CEO is still pushing to relocate more production to China. Just a few weeks ago.
Great success story.
Actually, GM owes us MUCH more than $20-$30 billion, and the truth is we will NEVER know how much. In addition to the direct bailout, GM also received money through TARP, some of which was laundered through European banks into its Opal subsidiary. The amounts and disbursements foreign banks received in TARP funds are a secret the Fed has refused to reveal, even to Congress.
GM received additional TARP money via GMAC, and unlike most other TARP recipients, GMAC did not receive just one payment; they returned to the well THREE TIMES. And also, do not forget that although GM is now claiming to be "profitable" they are still not paying billions in corporate income tax.
All this, of course, so they can move more and more assets to China.
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