Washington-appointed CEO of GM, Edward Whitacre reported with much fanfare today that GM had fully repaid its loans from Canada and the US five years ahead of schedule. GM had borrowed as much as $6.7 billion from the US government and $1.4 billion from Canada.
Now that the debt is repaid, GM is free of its government obligations, right? Not by a long shot. GM is still 61 percent owned by the US government and 11 percent owned by Canada.
Following his announcement, Whitacre boarded a plane for Washington to meet with one of his many bosses, House Speaker Nancy Pelosi.
The Washington-appointed Whitacre is actually well-suited for this position. Prior to retiring as CEO of AT&T, he had worked his entire career for Ma Bell.
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