GM Earns $1.3 Billion In Second Quarter

[NJ Stinks]

From the Washington Post website tonight:
_____________________________________

GM posts another profit, moves toward stock sale



By TOM KRISHER and DEE-ANN DURBIN
The Associated Press
Thursday, August 12, 2010; 11:19 PM


DETROIT -- In a signal moment for the turnaround of the American auto industry, General Motors (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=GM&nav=el) is edging toward a public stock sale, and its profits are now solid enough that the demanding CEO will step aside, saying his work is done.

GM said Thursday that it made $1.3 billion from April through June, its second straight quarter in the black and a complete reversal from last year, when it was forced into bankruptcy and the U.S. government took a majority stake.

More at the link below:

http://www.washingtonpost.com/wp-dyn/content/article/2010/08/12/AR2010081201730.html?hpid=topnews&sid=ST2010081202773

[ElKabong]

woohoo, time for the CEO to say adios, and GM to rev up a plant in Mexico. Awesome

[bigmack]

They've had 4 CEO's in 18 months. They're goin' through 'em as frequently as a European takes a shower.

[NJ Stinks]

They've had 4 CEO's in 18 months. They're goin' through 'em as frequently as a European takes a shower.

I knew you guys would be happy to hear the good news! :lol:

[ElKabong]

euros taking a shower every 4th month WOULD be good news for some of em in our bldg.....

[newtothegame]

I don't at all doubt GM's new numbers but, I have to ask myself what happened? How do you go from bankrupt and many many years of losing to 1.3 BILLION profits in just a few short months?

If I had to guess....I would think its a couple things.....
1. I think all of the bad press which TOYOTA took (right or wrong) took alot of consumers away from them. Did anyone else notice how hard the goverment was on Toyota?? Amazingly that same government had a stake in GM...hmmmmm ???

2. I would take another guess and wonder if any of those stimulus funds are involved in this number....??? I mean after all, just a few months ago it was this SAME GM who attempted to repay their bailout with MORE bailout!

Smoke and mirrors......I wouldn't take a stake in this company if I was paid to take it at this time!!!

[Tom]

1. Have they paid back all the money WE loaned them?
2. As 60% owners, WHERE is my check for my cut of the profits?
3. How does that figure compare to the one that represents the money lost by the legitimate bond holders who were SCREWED by Obama on the deal?
4. How many NEW jobs have they created.

NJ?

[Robert Goren]

Tom, your check is in the mail. :lol:

[newtothegame]

Tom, your check is in the mail. :lol:

With Mosty giving directions...sheeze you'll never get it lol

[Tom]

Tom, your check is in the mail. :lol:


D'OH!

[DJofSD]

With the IPO, Uncle Ed has resigned. A new CEO is coming on board but I turned off CNBC, so, I don't have the name right in front of me.

[Shemp Howard]

Really? Is their defined benefit pension plan and retiree health insurance obligations paid up to date? I doubt it. More lies from our corrupt government.

[JustRalph]

Really? Is their defined benefit pension plan and retiree health insurance obligations paid up to date? I doubt it. More lies from our corrupt government.

15 Million in arrears the last I heard......expected to all be put on the government within 5 yrs. Heard a radio interview where the guest (I can't remember who it was ) says that the Pension Guaranty Corp my have to step in before the 5 yr prediction

[Shemp Howard]

I think you meant BILLIONS!

[JustRalph]

I think you meant BILLIONS!

you're right! Time Mag says as much as 27 billion in liabilities or whatever you want to call it

http://www.time.com/time/business/article/0,8599,1981958,00.html

Could taxpayers really be on the hook for UAW pensions?
Yes. GM could face a funding crisis in 2013 or 2014 when, under the current projections, the automaker will be required to make more than $12 billion in contributions to its pension funds to keep them solvent, according to the GAO analysis. Chrysler's estimated future pension obligation is $3 billion. If the companies cannot meet their funding obligations they may have to terminate their plans, and the financial responsibilities (up to government limits) would be assumed by the Pension Benefit Guarantee Corporation. The funding could easily become a serious challenge for the PBGC, which says it is now facing $168 billion in possible plan terminations across a range of companies, many of them auto suppliers. The PBGC is privately funded, but since it was created by an act of Congress and its board of directors consists of the Secretaries of Labor, Commerce and Treasury, it's possible that the U.S. Government would step in if the agency came up desperately short of funds. Of course, the Obama Administration could allow GM or Chrysler to defer their pension contributions, but there would likely be stiff resistance to another wink-and-a-pass for automakers.


Read more: http://www.time.com/time/business/article/0,8599,1981958,00.html#ixzz0wXauMzxN

[mostpost]

Tom, your check is in the mail. :lol:
Tom, I hope you tipped your letter carrier last Xmas. :(

[newtothegame]

Tom, I hope you tipped your letter carrier last Xmas. :(

:lol: :ThmbUp: not even those great union wages are enough to get the work done. In true lib fashion...he wants more...

(p.s I know it was a joke mosty as is mine) lol

[mostpost]

Tom, your check is in the mail. :lol:
Tom, I hope you tipped your letter carrier last Xmas. :D

[mostpost]

Tom, I hope you tipped your letter carrier last Xmas. :D
Double Post. :blush: :blush: :blush:
Hey Newt,
Truth is I never tip my carrier. In the old days when carriers were making $2.50 an hour a tip was definitely called for but at fifty thou a year???
Tipping minimum wage people such as waitresses is something I always do. (20-25%0

One exception to not tipping my carrier. When my long time carrier retired a few years ago, I gave him a gift certificate to one of the Chicago areas better restaurants so he could take his wife out to celebrate.

[Tom]

I left him a couple of ripped up Simulcast Weeklys in the box. :D