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GM Profits Fall 41%

Discussion in 'Political Issues' started by aircarver, Aug 2, 2012.


  1. aircarver

    aircarver
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  2. Kablam

    Kablam
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    Nope. :steamed:
     

  3. Lethaltxn

    Lethaltxn
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    Was it "unexpected"?
     
  4. IvanVic

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    Europe's debt crisis continues to be an albatross on the neck of the U.S.
     
  5. BuzznRose

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    Unions and their politicians are the only ones who win in this. Joe Public who owns shares in their 401K got screwed when GM became "government motors' and are still getting screwed today.


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  6. Kablam

    Kablam
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    Nope. It was certain when the gov bailed GM out and transferred the wealth of the company from the bond holders to the unions. This ensured that they would not have to make quality competitive products to support the union obligations.
     
  7. IvanVic

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    Putting aside the fact that taxpayers should never have to bailout a company, GM has done exceptionally well over the last few years. The article in this thread references the sales figures in Europe resulting from the strain their debt crisis is putting on their economy.
     
  8. brickboy240

    brickboy240
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    If you buy a GM vehicle, your money is going straight to pay UAW dues that go only to the Democratic Party candidates.

    -brickboy240
     
  9. LoadToadBoss

    LoadToadBoss
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    GM stock price will need to rise to $54 in order to pay back the money it owes the government. At a current price just over $19 a share and plummeting profits, that's a tall order.
     
  10. Kablam

    Kablam
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    Well the stock price certainly doesn't reflect that. Where are they? About 19 to 20 bucks a share.
     
  11. G19G20

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    GM is currently operating under a lot of smoke and mirrors. A couple points:

    - GM has turned over much of it's financing operations back to subprime lenders such as Americredit. They're working on bringing back the same deadbeat (not all, but many) customers that forced GMAC, now called Ally Bank, into bankruptcy in the first place. Why not? They know they'll get bailed out again.

    - Google "channel stuffing". It's a common practice being used by GM right now to hide the lack of sales. GM sticks to reporting how many cars it builds and sends to dealers but you have to remember that GM's sale come when the dealer take the car, not when the car is sold to the end buyer. GM is cranking out a lot of cars that are sitting on lots unsold.

    http://www.zerohedge.com/news/class-action-lawsuit-filed-against-gm-channel-stuffing
     
    #11 G19G20, Aug 2, 2012
    Last edited: Aug 2, 2012