GM buying U.S. preferred stock (set to buy back $2.1 billion in preferred stock from the Us Gov)

[kpete]

Source: Detroit News

Last Updated: October 28. 2010 1:47PM
GM buying U.S. preferred stock
David Shepardson / Detroit News Washington Bureau

Washington - General Motors Co will announce this afternoon that it is buying back all of the Treasury Department's $2.1 billion in preferred stock, people briefed on the matter said.

The move is another step by the Detroit automaker toward repaying its $49.5 billion bailout.

GM has previously paid $6.7 billion in outstanding government loans, and just over $700 million in dividends and interest.

The Treasury Department and GM both declined to comment.




Read more: http://www.detnews.com/article/20101028/AUTO01/10280462/GM-buying-U.S.-preferred-stock

[Ikonoklast]

1. Hopefully, GM can look forward to increased profitibility.

And employ more people, here.

[MilesColtrane]

2. Hey, just 40.7 billion to go!

Note to Dan Akerson: I'll take my repayment in a candy apple red 2011 Corvette

[Ikonoklast]

3. One thing GM does right.

But I'd rather have this:

[MilesColtrane]

4. Weren't there some problems with the GT's suspension?

[movonne]

5. Well I did something to help...I bought a 2011 chevy equinox and

so far very pleased with it...it has been a long time since I bought a new car and have to get use to all the new gadgets...I really love the onstar...