Obama Motors has best Quarter in 6 Years!

Discussion in 'Politics' started by rightwinger, Nov 10, 2010.

  1. rightwinger
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    rightwinger Award Winning USMB Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Check that.......Make that the best Quarter in 11 Years!

    And all the conservatives were rooting for them to fail...


    GM: Best quarter in 11 years - Nov. 10, 2010

    General Motors reported its best quarter since 1999 Wednesday, setting the stage the automaker to begin selling shares to the public once again.

    GM reported it earned $1.96 billion in the quarter, compared to a loss a year earlier when it was still in the process of emerging from bankruptcy. It's the third straight quarter that the automaker has reported a profit.

    The last time GM reported a profit this large was the first quarter of 1999, when it earned $2.05 billion. But by 2005 the company's declining market share and uncompetitive cost structure had plunged it into a series of annual losses that culminated in its 2009 federal bailout and bankruptcy filing.

    What emerged from that was a new company without much of the debt, labor obligations and excess capacity of the old GM. Wednesday's earnings report put the company in position to post its first annual profit since 2004.
     
    Last edited: Nov 10, 2010
  2. VaYank5150
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    VaYank5150 Gold Member

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    Yeah, you and I are now responsible for these debts....please excuse me if I don't run right out and by more from GM's revamped IPO, since I would basically just be buying my own money back...
     
  3. The Rabbi
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    The Rabbi Diamond Member

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    It's amazing what screwing your creditors will do for your balance sheet and interest payments.
    Does anyone believe these numbers are not massaged ahead of the IPO?
     
  4. Revere
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    Revere BANNED

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    And a $45B tax holiday.
     

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