GM: Never mind that $14.4 billion loan, but thanks

GM: Never mind that $14.4 billion loan, but thanks

money.cnn.com

ew York (CNNMoney) -- Citing improved financial performance, General Motors announced Thursday it was withdrawing a $14.4 billion application it had filed with the Department of Energy.

(visit the link for the full news article)

Ok am I the only one picking up on this but the Department of Energy was about to "Loan" GM 14.4 BILLION dollars??? I honestly wonder how much money the DOE has laying around. Also goes to show how much overcharged people are when it comes to power. I was just outright shocked when I saw that sum from DOE.

PS: Do we have a forum regarding Government Spending issues?


money.cnn.com
(visit the link for the full news article)

DOE giving loans and DOA(agriculture) spearheading food stamps?
What am I missing here?

Originally posted by linuxcore
PS: Do we have a forum regarding Government Spending issues?

Genius!!!!!!!!

It should be a well organized forum regarding spending on a per department basis

Here is an interesting bit from the article.....

GM's loan application predated the the automaker's federal bail-out and bankruptcy. It was to be part of the DOE's Advanced Technology Vehicles Manufacturing Loan Program authorized by Congress in December, 2007.

If the DOE loan policy was similar to General Electric, then GM was wise to bail on it. Getting federal bail out has made it a lot easier for them, might have ended up with an eventual takeover otherwise. And what is DOE doing with all that loose change when energy prices are so high

Originally posted by linuxcore


Ok am I the only one picking up on this but the Department of Energy was about to "Loan" GM 14.4 BILLION dollars??? I honestly wonder how much money the DOE has laying around. Also goes to show how much overcharged people are when it comes to power. I was just outright shocked when I saw that sum from DOE.

PS: Do we have a forum regarding Government Spending issues?


money.cnn.com
(visit the link for the full news article)

The DOE has nothing to do with power prices as most power companies are either municipally owned privately owned.

It is a bit crazy they could get a loan that big though. They are a private company. They can suck it up and make their own money.

reply to post by antonia


Hrm I thought DOE got some money out of the electric and water bills. There are fee's, like a million of them on the bills so some of them go to DOE. Remember that even if there are 10 different fee's out over the power (wattage) usage one company/organization can receive multiple fee's. Anyways I was just amazed over the large sum of 14.4 billion dollars they offered GM. Where the hell did that money come from and I bet you also that the 14.4b is not the only loan they have out there and offering.

We need to get a good Government spending forum.

Some of the money that the govmn't spends on are outrages. My friends wife is a principle, she should me a book that they buy from, pencils, paper etc. etc. She gets a budget to buy what she likes. A frikken pencil cost $1.28 yes $1.28!!!!!!!! You can get a 20 pack pencils at the 99'cent store for 99c!!!!

And the govmn't complains there is no money, America is going bankrupt. What ever I say!