The Taxpayer Could Make Money On GM

AP GM Whitacre

GM thinks that, in the end, it will be able to pay back taxpayers in full for its bailout.


GM Chief Executive Ed Whitacre told reporters on Wednesday night after meeting with Treasury Secretary Timothy Geithner and House Speaker Nancy Pelosi that GM was making good progress and an initial public offering was a real possibility later this year or in 2011.

“I think the stock could be worth a lot and the taxpayers could get all their money, plus,” Whitacre said. “I’m an optimistic guy.”

Whitacre’s comments came after he announced earlier in the day at a plant in Kansas that GM had fully repaid the balance on more than $8 billion in U.S. and Canadian government loans extended as part of its bankruptcy last year.

You have to be an optimist to be still working at GM.

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