GM to pay back $6.7 billion

Looks like everyone on the government’s pay czar salary cap ruling is hankering to get out of the government’s clutches.

Just last Monday, it was Citigroup that announced that it will be paying the government back. Now it’s General Motor’s turn.

GM’s acting CEO Ed Whitacre made the announcement that the company will be paying back its $6.7 billion loan by June of 2010.

However, Citigroup’s plight is quite different from

GM. The loan is only a part of what the federal government has given GM to save it from a total meltdown. GM received around $50 billion from the government.

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5. GM and Chrysler must turn things around