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Thread: Resurgent G.M. Posts 2010 Profit of $4.7 Billion

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    Resurgent G.M. Posts 2010 Profit of $4.7 Billion

    DETROIT General Motors, which nearly collapsed from the weight of its debts two years ago before reorganizing in a government-sponsored bankruptcy, said on Thursday that it earned $4.7 billion in 2010, the most in more than a decade.

    It was the first profitable year since 2004 for G.M., which became publicly traded in November, ending a string of years in which losses totaled about $90 billion.

    The improvement was a result of eliminating debt during and after bankruptcy, and years of effort at reducing factory output, cutting labor costs and developing more enticing cars and trucks.

    As a result of its performance, G.M. said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most ever.
    Read the article:

    http://www.nytimes.com/2011/02/25/business/25auto.html

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    Quote Originally Posted by Tyler Durden View Post
    Where is CR's total outrage of the TARP money and possible cooking of the books of the mean private sector. How about a post of what they paid in taxes???

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    Quote Originally Posted by southparkcpa View Post
    Where is CR's total outrage of the TARP money and possible cooking of the books of the mean private sector. How about a post of what they paid in taxes???
    I am shocked this happened in the private sector! TARP is awesome! It helped the CEO's of AMERICA, we would all be speaking Russian if it wasn't for the great CEO's!!!!

    Is GM paying back their loans? That is what should be asked first.

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    No corporate taxes for the next 10 years.

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    Quote Originally Posted by MnJetFan View Post
    No corporate taxes for the next 10 years.
    this is good news... as taxpayers/ shareholders we are all part owners of GM.

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    Quote Originally Posted by bitonti View Post
    this is good news... as taxpayers/ shareholders we are all part owners of GM.
    good luck trying to get a ride in the company helicopter

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    SO if I am going bankrupt and owe $200,000 dollars in mortgage debt while making $40,000 a year and my Dad says, "Don't worry, I'll take over your mortgage payments" even though hes on a fixed income.....does that mean I'm now "making a profit" of $40,000? Does that debt Dissapear? Has it been erased and doesn't exist anymore and nobody is owed that money any longer? And now my dad is kiting checks to pay off something he never had a responsibility to pay, but is financially not able to?

    How would THAT work?

    Its a SHELL GAME. "Look!! GM is AWESOME AGAIN!"

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    Quote Originally Posted by MnJetFan View Post
    No corporate taxes for the next 10 years.
    We should have let em all fail.

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    Quote Originally Posted by Jet_Engine1 View Post
    SO if I am going bankrupt and owe $200,000 dollars in mortgage debt while making $40,000 a year and my Dad says, "Don't worry, I'll take over your mortgage payments" even though hes on a fixed income.....does that mean I'm now "making a profit" of $40,000? Does that debt Dissapear? Has it been erased and doesn't exist anymore and nobody is owed that money any longer? And now my dad is kiting checks to pay off something he never had a responsibility to pay, but is financially not able to?

    How would THAT work?

    Its a SHELL GAME. "Look!! GM is AWESOME AGAIN!"
    Thank God Wall Street doesn't do that, could you imagine? That would be crazy!!!

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    Quote Originally Posted by southparkcpa View Post
    We should have let em all fail.
    Why don't we?

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    Quote Originally Posted by Jet_Engine1 View Post
    SO if I am going bankrupt and owe $200,000 dollars in mortgage debt while making $40,000 a year and my Dad says, "Don't worry, I'll take over your mortgage payments" even though hes on a fixed income.....does that mean I'm now "making a profit" of $40,000? Does that debt Dissapear? Has it been erased and doesn't exist anymore and nobody is owed that money any longer? And now my dad is kiting checks to pay off something he never had a responsibility to pay, but is financially not able to?

    How would THAT work?

    Its a SHELL GAME. "Look!! GM is AWESOME AGAIN!"
    it's not quite that simple. GM split and their bad debt is gone. that "company" went bankrupt.

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    I actually just recently ordered a 2011 Chevy Impala straight from the factory fully loaded.

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    Quote Originally Posted by bitonti View Post
    GM split and their bad debt is gone. that "company" went bankrupt.
    Quote Originally Posted by bitonti View Post
    it's not quite that simple.
    You sure nailed it.

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    Quote Originally Posted by bitonti View Post
    it's not quite that simple. GM split and their bad debt is gone. that "company" went bankrupt.
    SO when that "GM company went bankrupt", that bad debt just went away? The creditors also ceased to exist?

    I mean, I know 'Bama decided to have the shareholders get screwed in favor of Union paybacks etc., but debt doesn't just go away. Somebody got stuck holding the bag on those BILLIONS in debt, and that debt still exists, the Federal Government has just aded it to the TRILLIONS in debt it already has.

    The government took over GM, absolved them of their debt, and then took their debt off the books. Anything they brought in after that is listed as "Profit". Its a shell game, and a joke. Detroit still builds an inferior product compared to Germany, Sweden, Japan, and now Korea....and just wait 'til their new BOMB, the Government Subsidized VOLT his the market....

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    Quote Originally Posted by Jet_Engine1 View Post
    ....and just wait 'til their new BOMB, the Government Subsidized VOLT his the market....

    It has hit the market. This year is already sold out. They are already working on the VOLT 2.0 which hopefully will be cheaper to offset the expiration of the $7000 tax-credit subsidy.

    With gasoline prices on the rise again you will be hearing a lot more about the Volt, sorry.

    read about owner experiences here: http://www.gm-volt.com/

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    Quote Originally Posted by bitonti View Post
    this is good news... as taxpayers/ shareholders we are all part owners of GM.
    Where is our share. It is probably spent somewhere else.

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    Quote Originally Posted by majormajor42 View Post
    It has hit the market. This year is already sold out. They are already working on the VOLT 2.0 which hopefully will be cheaper to offset the expiration of the $7000 tax-credit subsidy.

    With gasoline prices on the rise again you will be hearing a lot more about the Volt, sorry.

    read about owner experiences here: http://www.gm-volt.com/
    Curious, how many cars does "sold out" represent?

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    Quote Originally Posted by majormajor42 View Post
    ...the $7000 tax-credit subsidy.

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    Quote Originally Posted by MnJetFan View Post
    No corporate taxes for the next 10 years.
    How is this fair to a company like Honda (use Honda as an example) They make a better car and use better parts therefore spend more money and still must pay their taxes. Very sad when the government must give a car company such breaks so they can make cars "cheap" enough so people will buy them. I will never buy one. I would like to get some money back when I am done with my car. A car like a Honda will get me that money.

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