GM CEO: Repayment of Bailout Could Take Years

By: Associated Press
By: Associated Press

DETROIT (AP) -- General Motors' new CEO says it's likely to take a couple of years for U.S. taxpayers to get their bailout money back.
Daniel Akerson, who took over as CEO on Sept. 1, told reporters in Detroit on Thursday that GM has a goal of repaying all the money, but it won't come in the company's first sale of stock to the public.
The initial public offering is expected to take place in mid-November. Akerson says he can't answer further questions about the IPO.
The U.S. government loaned GM $50 billion to keep it in business last year. The company later repaid $6.7 billion and the government currently owns a 61 percent stake.


WILX.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
WILX 500 American Road Lansing, MI 48911 517-393-0110
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 103044134 - wilx.com/a?a=103044134