Statement by the American Automotive Policy Council on GM's Announcement of its Federal Loan Repayment

EDITOR'S NOTE: The American Automotive Policy Council is a front group for the three U.S. Detroit automakers. It would be nice if they addressed how shareholders and creditors might ever get made whole, or even "half." The only people who have really benefitted from this perverted process are the few gasoline-industry cronies who were appointed to management positions at GM, and the gasoline companies themselves (who have now been assured that Detroit will continue to manufacture gasoline-powered vehicles).

The "bailout" should have been funded by the gasoline companies and/or OPEC. Shareholders and existing creditors should have never been forced to take the brunt of the losses.

WASHINGTON - April 21, 2010: The American Automotive Policy Council issued the following statement today:

The American Automotive Policy Council is pleased to note the announcement by General Motors that the company is making an early repayment of its remaining $5.8 billion received in U.S. federal and Canadian government loans last year. We are also pleased to note the Chrysler Group LLC has announced today it had an operating profit of $143 million for the first quarter of this year.

Coming out of the most challenging economic environment in decades, Chrysler, Ford and General Motors are each meeting or exceeding their benchmarks set to restructure, make difficult decisions, and restore their international competitiveness. We are seeing AAPC's member companies lead the industry on a path toward strong and steady long-term growth. This announcement by GM is the latest evidence of the recovering health of the American auto industry.

We now have tangible proof as well of incrementally rising auto sales, increased production, and increased automotive employment in the United States. These are also encouraging and visible signs that the automotive industry, with Chrysler, Ford and General Motor in the lead, can be the driving force to pull the US economy forward until we have restored the nation's full economic output and potential.

AAPC will continue to report on other such major economic indicators in the months to come that will benchmark the rate of the continued progress underway to boost the competitiveness of the American auto companies to leadership positions in the world economy.

The American Automotive Policy Council, Inc. (AAPC) is a Washington, D.C.- based non-profit trade association that represents the common public policy interests of its member companies: Chrysler Group LLC, Ford Motor Company and General Motors Company.

EDITOR'S NOTE: The American Automotive Policy Council is a front group for the three U.S. Detroit automakers. It would be nice if they addressed how shareholders and creditors might ever get made whole, or even "half." The only people who have really benefitted from this perverted process are the few gasoline-industry cronies who were appointed to management positions at GM, and the gasoline companies themselves (who have now been assured that Detroit will continue to manufacture gasoline-powered vehicles).

The "bailout" should have been funded by the gasoline companies and/or OPEC. Shareholders and existing creditors should have never been forced to take the brunt of the losses.