As it turns out, the Obama administration put $13.4 billion of the aid money as “working capital” in an escrow account when the company was in bankruptcy. The company is using this escrow money–government money–to pay back the government loan…
Sean McAlinden, chief economist at the Ann Arbor-based Center for Automotive Research, points out that the company has applied to the Department of Energy for $10 billion in low (5%) interest loan to retool its plants to meet the government’s tougher new CAFÉ (Corporate Average Fuel Economy) standards. However, giving GM more taxpayer money on top of the existing bailout would have been a political disaster for the Obama administration and a PR debacle for the company. Paying back the small bailout loan makes the new–and bigger–DOE loan much more feasible.
In short, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that. This is a nifty scheme to refinance GM’s government debt–not pay it back!
GM boasts that, because it is doing so well, it is paying the $6.7 billion five years ahead of schedule since it was not due until 2015. So will there be an accelerated payback of the rest of the $49.6 billion investment? No. That goal has been pushed back, as it turns out.
Full article on Forbes... (I'm sorry if you get the AWFUL Northwestern Mutual expanding ad on the article – I hope you don't...)
OK, so this is amazing. Pencil... sure, but a plain, old Bic pen?
via More Intelligent Life.
I love these.
I've got so little to do after being so busy for so many weeks, I don't know what to do with myself.
And Lost is a rerun. :p
This has been going around though... I heart charts.
You've probably seen this. But this is pretty much the only one I've LOLed at...
That is all.
I love this commercial. That woman is me. I would totally use that camera for that EXACT reason. And now I want one. :p
Brilliant! Via AgencySpy
I miss shooting with 120 film. Only because I have no place to develop it anymore. Digital may be quicker, but it's not as fun.
So I LOVE this student packaging design for Ilford that is being spotlighted on The Dieline.
See more at thedieline.com.
p.s. Speaking of photography, I'm in image searching hell. :p
My boss just sent this around. Your Welcome.
A little early, but it is Good Friday and I hid shiny eggs filled with candy in the office.
My first CAPTCHA today reminded me of the LOTR. My second? Sad BYPASSES CIA... but I forgot to take a screen cap.
See that's funny. Messing with people when they haven't had coffee yet isn't. Just sayin'.
Grown in glasshouses, pineberries start off green, gradually turning paler as they ripen.
When the fruit is sweet and juicy enough to eat, the flesh is almost totally white but studded with red seeds - the reverse of the usual variety.
The pineberry is said to combine the shape and texture of a strawberry with a flavour and smell closer to that of a pineapple.
Read the whole article at The Daily Mail, found via Geekologie.
That's mine there, but look at this link for more cool shots.