GM bans political candidates from plants until after Election Day
An article in the Detroit Free Press says that the auto bailout is expected to play a big role at the Democratic National Convention next month, and GM is still a key topic in this discussion as it is still 32 percent owned by the U.S. Treasury Department. GM has paid back $23 billion of the loans so far. Proof of GM's unwilling involvement in politics is evident by Vice President's recent quote stating: "Osama bin Laden is dead, and General Motors is alive."
The efforts of the GM's bailout/bankruptcy recovery are still just as mixed as the issue was back in 2009. The automaker has seen big profits so far this year – $3.66 billion – and its credit rating was upgraded by Fitch Ratings, but its stocks are down 35.8 percent since 2010 meaning that the government's current investment in GM would be a loss of $15.6 billion if sold now.
In addition to GM, the article also states that the Chrysler Group is closing its doors to the politicians until after November 6. Unlike GM, Fiat-controlled Chrysler has fully repaid its government loans.
- Great used cars for less than $10,000
- Owners say these cars aren't very good deals
- New Car Buying Guides
- Cheapest new automobiles in America
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models