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SMALL BUSINESS
GM, Chrysler used bailout funds for daily costs
By KEN THOMAS
, AP
WASHINGTON -General Motors and Chrysler have used the majority of their bailout funds for day-to-day expenses such as payroll costs and payments to suppliers, a government watchdog has found.
A report released Thursday by the special inspector general for the $700 billion financial bailout fund said GM used 65 percent, or about $32 billion, for operating expenses such as payments to employees and suppliers. GM has received $49.5 billion from the government.
Chrysler has used 84 percent of its funds on day-to-day expenses. Chrysler has received $12.5 billion in total.
The report says GM has $13.7 billion left in bailout funds. GM's Chairman and CEO Ed Whitacre Jr. has said GM may repay its government loans in one lump sum instead of quarterly installments.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-12-10 16:35:44
COMMENTS ( 14 )
$$$ if sold to right investor to build under this name. I have driven Pontiacs for many years and the concept is perfect for a sporty, nice automobile not owned by
old farts and MD's. Buick is for golf club types only. GM currently has no brand
which I would purchase, Grand Prix is the peer to the Nissan Maxima, GM has no
replacement for the Grand Prix, Ford has the Lincoln. Foreign makers have many
car types like this............why does GM have no product to fill this market space ?