General Motors Co. plans to begin paying back a $6.7 billion loan it owes the U.S. government starting late this year, putting it on track to potentially repay the entire note by the middle of 2011, said a person familiar with the matter.
But in a move that could be controversial and risky, the car maker plans to use other money it received from the government to pay back the borrowing.
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Monday, November 16, 2009
How's Your Bailout? Automotive Edition
The Wall Street Journal reports that General Motors is getting ready to pay back some of the money it borrowed from the federal government ahead of schedule. That sounds like good news, until you learn that it is paying back the loan with money cash it got from the auto bailout.