General Motors reports $2 billion third-quarter profit ahead of stock offering
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“I am always right.”
Since: Oct 09
Former MN Taxpayer
#1 Nov 10, 2010
Another name for accountants is magicians. "Now you see it now you don't."
GM is very luck with the timing of this announcement, aren't they?
#2 Nov 10, 2010
GM trying to generate a positive spin on the Nov 18 IPO! America is on to GM and there tactics, and this IPO will be prove of a company heading once again in the wrong direction of unprofitably because of ( to much overhead ) and fix cost!
Since: Feb 08
#3 Nov 10, 2010
Irish, I think I finally agree with something you wrote. ;-)
So let me see if I understand this correctly. GM earned $1.9 billion to $2.1 billion net income for the quarter (not including the previous two quarters), but it took $50 billion in government aid to do so.(so, is this really a $48 billion dollar loss?) ;-)
GM also "has repaid or plans to repay taxpayers $9.5 billion" (so they are not sure which?) and "the government hopes to get back the remaining $40 billion" once the stock goes up for sale again.(But with no guarantee to us taxpayers).
Earning $2 billion on a $50 billion bailout isn't all that impressive to me. I wonder if us taxpayers will get that (fictional) money back or will the government keep it for a rainy day?[snark]
#4 Nov 10, 2010
Pay back taxpayers before UAW pensioners.
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