Archive: october 13, 2008
GM (sorta) denies seeking $5 billion direct loan from feds to stay afloat
Filed under: Government/Legal, GM, Earnings/Financials
A report by Barron's over the weekend cited (again) two unnamed sources that divulged General Motors has been after a loan from the Federal Reserve since last September. The Barron's article got somewhat specific about the unspecifics, namely how much, saying that the amount the General is after is unknown, "but it needs $5 billion to meet its goal of completing a $15 billion liquidity program, which actually is coming from cost cuts."Reuters (via Automotive News) reports that GM isn't after the fed's cash, but isn't averse to the idea or "taking...
View full article at "Autoblog"
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