General Motors reports $2 billion thi...

General Motors reports $2 billion third-quarter profit ahead of stock offering

There are 4 comments on the TwinCities.com story from Nov 10, 2010, titled General Motors reports $2 billion third-quarter profit ahead of stock offering. In it, TwinCities.com reports that:

Strong profits on new cars and trucks helped General Motors Co. earn $2 billion in the third quarter, enhancing the company's appeal as it nears next week's initial public stock offering.

Join the discussion below, or Read more at TwinCities.com.

“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?
mark harmon

Lynn Haven, FL

#2 Nov 10, 2010
IrishMN wrote:
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?
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

Big Lake, MN

#3 Nov 10, 2010
IrishMN wrote:
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?
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]
TaxTaxTax

United States

#4 Nov 10, 2010
Pay back taxpayers before UAW pensioners.

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