Just when you thought GM’s “loan payoff” scheme couldn’t get any more pathetic:
DetNews: GM Is Seeking $14.4b in DOE Loans
According to the article, before GM even announced its miraculous ~$10b taxpayer-loan payoff (i.e., accounting smoke ‘n’ mirrors), it was hoping to get its hands on another $14.4 billion in loans from the Department of Energy:
GM disclosed this week that it is seeking a total of $14.4 billion in retooling loans after acquiring part of Delphi Corp.’s business.
GM’s expanded request includes Delphi’s application for money to retool plants to improve electric power steering systems for better fuel efficiency.
The article’s “last updated” mark is April 9, 2010. While GM’s not alone in seeking to get its hands on this Dept. of Energy (read: taxpayer) largesse — heck, with Chrysler in there vying for cash, GM’s not even the only fresh-out-of-BK company in the mix — it knew it was already requesting even more government loans before it began its craptacular “Hey taxpayers! We paid you back!” PR and advertising spree on April 21 or thereabouts.
Anybody else feel like slinging four-letter words?
