Old GM ran afoul of the requirements for the original bailout ($25 billion worth of Department of Energy retooling loans). Something about a DOE requirement that the recipients be running a viable business. Now that it’s emerged from bankruptcy with taxpayer assistance, “New GM” wants . . . taxpayer assistance. In fact, it doesn’t just want the money. It’s counting on it. According to The Wall Street Journal, GM Treasurer Walter Borst told a congressional oversight panel that securing $10 billion in no-to-low interest, twenty-five year DOE retooling loans was “a component of GM’s shorter-term liquidity assumptions.” C’mon. Really? “He pointed to those funds as one of the sources of liquidity GM is factoring into its plans in order to meet its capital requirements in the future.” Later, Borst decided to added [what he thought was] a suitable qualifier: “We’re not dependent on them.” Join us next time, for other phrases that you might hear from a drug addict.
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