This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GM CEO Says One-Shot Payback Possible

DETROIT ( TheStreet) -- General Motors may pay back its $8.2 billion in government loans all at once, instead of in quarterly installments, CEO Ed Whitacre said Tuesday.

Asked about a one-time payment, Whitacre called the suggestion "a good idea" and said: "We've thought of it too. We'll be looking at the possibility." During a webcast, Whitacre took about two dozen text questions from reporters, responding in kind.

The automaker owes $6.7 billion to the U.S. Treasury and $1.5 billion to Export Development Canada. It has already said it will make payments this month of $1 billion and $192 million respectively.

Responding to other questions, Whitacre said GM has a "real good candidate" to be its next CFO, and could make an announcement in two-to-three weeks. He said he communicates with the government's auto task force about once a week, noting "They promised to keep hands off and let the board run the company -- they've been true to their word and done exactly that."

Told that many reporters would have preferred an opportunity to question him directly, Whitacre responded: "I've been on the job for four days. I'll do it as soon as I feel comfortable and have enough clear air and time. I promise we'll talk soon."

Asked how long newly appointed executives have to show results, given that former CEO Fritz Henderson was dismissed after eight months, Whitacre responded: "Not long."

-- Written by Ted Reed in Charlotte, N.C. .

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs