Comment

GM CEO: Thanks for the Money, I Think We'll Declare Bankruptcy Now

287
Killgore Trout3/31/2009 11:44:03 am PDT

Hey, guys it was not free money. Despite the claims by virtually every right wing blog and MSM reporter this was a loan…..
‘‘Auto Industry Financing and Restructuring Act’’.

5 (a) DURATION.—The duration of any loan made
6 under this Act shall be 7 years, or such longer period as
7 the President’s designee may determine with respect to
8 such loan.
9 (b) RATE OF INTEREST; TIMING OF PAYMENTS.—
10 (1) RATE OF INTEREST.—The annual rate of
11 interest for a loan under this Act shall be—
12 (A) 5 percent during the 5-year period be13
ginning on the date on which the President’s
14 designee disburses the loan; and
15 (B) 9 percent after the end of the period
16 described in subparagraph (A).
17 (2) TIMING OF PAYMENTS.—Payments of inter18
est on loans under this Act shall be made semiannu19
ally.
20 (c) NO PREPAYMENT PENALTY.—A loan made under
21 this Act shall be prepayable without penalty at any time.
22 (d) INFORMATION ACCESS.—As a condition for the
23 receipt of any financial assistance made under this Act,
24 an eligible automobile manufacturer shall agree—


Doesn’t anybody check facts anymore? Does anybody really care?