GM pays off its bailout loans

EW YORK (CNNMoney.com) -- General Motors has made a final payment of $5.8 billion to the U.S. and Canadian governments, paying off the last of its $6.7 billion in loans, the company said Wednesday.

"I am very pleased to announce that, as of today, General Motors has repaid, in full and with interest, the loans made last July by the U.S. Treasury and Export Development Canada," said GM chief executive Ed Whitacre, speaking at a plant in Fairfax, Kan., where GM builds Chevrolet Malibu and Buick LaCrosse sedans.

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Whitacre also announced that GM would make two big investments for production of the next-generation Malibu: $136 million in the Fairfax facility, which will become the primary production point for the car, and $121 million in its Detroit-Hamtramck plant, which will provide additional production at times of peak demand.

GM has already begun manufacturing the Chevrolet Volt electric car in Hamtramck, where it also makes the Buick Lucerne and Cadillac DTS large cars.

We need to take credit for the economy, because we deserve the credit. At the same time, some of these bailouts can be "redeemed" in the public mind too, IMO. I realize that the U.S. is still way long on GM, but this is still a good sign. It should be highlighted by Dems. Maybe under Obama and the Dems, GM has begun its long needed turnaround. I wonder what Michael Moore thinks.

With the auto makers and banks taking back full ownership of themselves, you can't really make the argument that the government is trying for power grabs.

GM paid the "cash" loan of about 8 billion. It still owes about 52 billion in stock loans.

... saved millions of jobs in related industries.

It's good to prove all the naysayers - here and in the GOP - wrong. Again.

I guess they don't count just as long as GM makes a profit.

that wanted to see GM fail

General Motors will now take the position that it does not have to answer for carbon pollution its products produce, and will proceed to shift its manufacturing base back to making gas guzzling SUVs