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Perrysburg Dodgeboy

Perrysburg, Ohio USA

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Joined: 12/06/2003

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Posted: 07/02/09 04:56pm

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Article published July 01, 2009
Government won’t fund GM after July 10, official says
ASSOCIATED PRESS

NEW YORK — A senior member of President Barack Obama’s auto task force testified Wednesday that the U.S. government will not continue to fund General Motors Corp.’s operations if the automaker doesn’t get approval to sell its assets to a new company within the next 10 days.

“We have no intention to further fund this company if the sale order is not entered by July 10,” Harry Wilson, one of the Treasury Department officials overseeing GM’s restructuring, said while being cross-examined by an attorney for a group of GM bondholders opposing the sale.

Link to Story

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Gale Hawkins

Murray, KY

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Posted: 07/02/09 05:19pm

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That is a relief and will make for a better holiday for most. Not sure my staff member that showed up in a new 2009 4 door PU this morning will be so pleased.

I do not understand how they are offering 0% interest for 72 months if what I was told today is true?

SweetPete

Woodlands, TX (North of Houston)

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Posted: 07/02/09 05:54pm

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I think everyone is offering 0% for 72 mos. It's kind of the norm now.

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hotpepperkid

Chino Hills CA

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Posted: 07/02/09 06:07pm

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They shouldnt have funded them the first time. All it did is delay what was going to happen anyway.

hpk

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Perrysburg Dodgeboy

Perrysburg, Ohio USA

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Posted: 07/02/09 06:12pm

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Gale Hawkins wrote:

0% interest for 72 months

Chrysler is 0% 60 months and 2.9% for 72 months there are a few that you can get 0% for 72 months but not many.

tvman44

Southwest Louisiana

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Posted: 07/02/09 06:13pm

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That is what I said at the very beginning of this mess, just delaying the inevitable.

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bucky

Eastern Shore of MD

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Posted: 07/02/09 06:15pm

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It sounds to me like the approval has to come from the Feds, so what is this bozo spokesperson trying to say?

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JALLEN4

OHIO

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Posted: 07/02/09 06:30pm

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It is amazing to me the immensity of the lies that have been told in this case that they expect the American public to swallow. Do you really think President Obama is going on National TV July the eleventh and explain to the American people that because a Bankruptcy Judge in the Southern District of New York didn't act quickly enough, he is going to abandon a fifty-billion dollar commitment, most of which is spent and lost forever already?

This bankruptcy was placed in that particular Court after the Government shopped for sympathetic Judges who would toe the line. It required GM to file bankruptcy first for the Saturn dealership they controlled in Harlem so as to establish jurisdiction for the parent company. The entire procedure is a charade and this threat is made to explain and give cause for the Judge to act without hesitation in breaking rights granted in the Constitution to shareholders and bond holders.

This is not a political post in any manner. All of these statements have been widely reported by mainstream press if one reads.

Engineer9860

Eagle Scout dad

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Posted: 07/02/09 08:23pm

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It looks as though everyone can quit bellyaching about "their" taxdollars being used to bail out GM. It is not like GM was given taxpayer money, and made off Scott-free.

Article wrote:

As part of a deal brokered with the auto task force, the U.S. government will get a 60 percent stake in the new company in exchange for the billions in tax dollars it has pumped into GM over the past several months in order to keep it afloat.

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