GM's record $38 billion loss!!! ouch

[DBHIII]

DETROIT (Feb. 12) - For all the good in GM's 2007 results - the near-record worldwide sales, the reduction in labor costs and in retiree health obligations - there is no getting around the $38.7 billion in red ink.

Detroit-based automaker General Motors, which has struggled to turn around its North American business amid a weak economy, said its $38.7 billion loss was largely due to a third-quarter charge related to unused tax credits.

Ouch, you know that has to hurt. Here is a link to the story.

http://money.aol.com/news/articles/_a/gm-posts-record-loss-offers-buyouts/20080212070909990001

[bowhunterhelm]

I saw that on TV yesterday.

I have no idea how a business can stay open with a 38.7 billion dollar loss. That's an insane amount of money.

[DBHIII]

tell me about it.....we're talking Billions of $$$. Hard to register

[Dale Moser]

Thank you auto workers union....

[cj7zrcool]

Maybe Exxon-Mobile could float 'em a loan!

[Dr. D]

I saw that on TV yesterday.

I have no idea how a business can stay open with a 38.7 billion dollar loss. That's an insane amount of money.

The government puts that to shame.

[deerplanter]

Thank you auto workers union....

The huge annual loss was mostly due to a $39 billion third-quarter charge for unused tax credits. It topped the company's previous annual loss record, when it lost $23.4 billion in 1992 because of a change in health care accounting, according to Standard & Poor's Compustat.

You can not put all the blame on union's this company has a history of doing of missmanegment

[Kevin]

Thank you auto workers union....

Amen to that. Combine outdated union BS with poor management and BAM, you have GM.

[rtread]

What's bad is the only branch of GM showing a big loss is the North American branch....mainly due to US problems. The other branches in different parts of the world are showing big profits!

[holepuncher]

It use to be the " Big three" had it all to themselves. it ain't so anymore. I traded my Avalanche in for a Tundra. People want Quality for 30K+. we'll see if Toyota can deliver.

[DBHIII]

I couldn't be hapier with my Tundra in these tuff times for GM

[Humper]

Thank you auto workers union....

......and to Tony Stewart for switching to Toyota

Hi Dale!

[samsdad]

Thats what happens when you have horrible management, terrible designs, ugly cars and HUGE healthcare costs. I knew that GM was going downhill the first day I saw an Aztek, and knew they had jumped the shark with the Avalanche

[rjet]

May be time to buy a new truck, hopefully they will drop the prices big time.
Hate to trade in my 99 silverado though, it only has 265000 miles on it and looks and drives like brand new.

[Roy D Mercer]

Thank you auto workers union....

My thoughts exactly.