Ed Whitacre was working the media channels hard core yesterday, announcing that GM had paid Canada and the US back their 8-billion in loans and then jetting (remember when that was a bad thing?) to Washington DC for a meeting with high ranking government officials on the financial progress of General Motors. If we’re taking “Big” Ed’s word, things are looking up for the General!
Whitacre said to the media, “I think the stock could be worth a lot and the taxpayers could get all their money, plus.” He then added, “I’m an optimistic guy.” We’re not sure if Whitacre broke into the liquor cabinet or he was just doing the bull dance and feeling the flow from his earlier announcement regarding the repayment of the $8 billion in loans.
To be made “whole” again, the US taxpayers will need a wee bit more, like $43 billion worth, but this is a damned good start. It’s good news that the company is moving in the right direction and starting to get its mojo and swagger back.
Maybe Whitacre should set up a Jerry Lewis telethon-esque flip board counting down the bucks until the company is wrested out of the hands of the government. That’d be one big ass board.
Source — Reuters —GM CEO believes taxpayers could be made whole
