GM making progress. Losses down, will start paying us back (us meaning taxpayers)

In the new economic world, losing “only” $1.15 billion in the 3rd quarter is the new good:

General Motors said on Monday that its finances had improved to the point that it could begin repaying its government loans, though it lost nearly $1.15 billion in the third quarter after emerging from bankruptcy in July.

G.M. said it increased its cash reserves by $3.3 billion from July 10 to Sept. 30, ending the quarter with $42.6 billion on hand. It plans to make a $1 billion payment to the federal government in December, more than five years before the loans are due, and to make similar quarterly payments after that.

We, meaning taxpayers, may get out of the car business sooner than expected. And, that actually is good. Although, it won’t be too soon according to GM’s leader:

Mr. Henderson said he believes Treasury will be a shareholder in G.M. for a long time. Paying the loan is a first step toward unwinding government involvement, but he does not see the Treasury leaving the scene for some time to come.

On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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