I wonder when the US and Canadian taxpayer thinks they have had enough
DETROIT (AP) -- General Motors Corp. says the U.S. government is
guaranteeing the warranties of its cars and trucks sold in Mexico.
The government announced it would guarantee warranties of vehicles sold in
the U.S. starting March 30. The move was designed to stimulate sales by
easing fears GM might go into bankruptcy and wouldn't be able to back its
GM says it will pay part of the warranty guarantee costs and will borrow the
rest from the U.S. government. The guarantees cover GM vehicles sold in the
U.S. and Mexico during the company's restructuring period.
GM made the statement in its quarterly report filed with the Securities and
Exchange Commission on Friday.
GM said it is negotiating a similar program with the Canadian government.