GM back in the black As reported on CNNMoney

armysig · 05-17-2010, 01:13 PM

Just finished reading the article, this is good news for everyone from the government owned portion to us the consumer. Now let's hope that GM gets away from being a government majority owned company soon!

GM back in the black Via CNNMoney

fox840505 · 05-17-2010, 04:37 PM

I saw this article on Yahoo and then decided to read the comments. That was a mistake. Everyone was knocking GM saying that their products suck and after being provided $52 Billion and they still could not post a profit in 2009 (then they state they drive quality vehicles such as Toyota). From one standpoint I understand what they are talking about, but wasn't GM still producing eight products? Once they shed most of their deadweight, minus Pontiac I always liked that line, they provided a profit. Most don't realize to turn a profit this quickly is normally undeard of. There is not very many companies that turn around a company that posted a $50 billion lose over three years and then post a profit the next quarter. Now the profit is not a lot but it is a start. With many highly anticpated product being introduced the next couple of years, the vintage GM is ready for a return.

FrankT · 05-17-2010, 06:13 PM

Well, when you take on the federal Govt. for a partner, it's easy to turn a profit. Because now that the Feds are your partners, standard business rules don't apply anymore. Like declare bankruptcy, stiff all the original shareholders, stiff all the bond holders (who SHOULD have had GM liquidate assets to satisfy the debt owed to the bond holders) and give the Union (UAW) a percentage ownership in the very company they helped to bankrupt. Federal bankruptcy law normally provides for the bond holders to liquidate assets to satisfy debt. But not this time, I guess.
Now don't get me wrong, I am very happy that GM is still in business. I just think some of the things they did to restore profitability to the company were a little underhanded.

fielderLS3 · 05-17-2010, 06:16 PM

Good news. That means we're getting closer to the government getting out.

Maurdib · 05-17-2010, 06:59 PM

Quote:

Originally Posted by FrankT

Well, when you take on the federal Govt. for a partner, it's easy to turn a profit. Because now that the Feds are your partners, standard business rules don't apply anymore. Like declare bankruptcy, stiff all the original shareholders, stiff all the bond holders (who SHOULD have had GM liquidate assets to satisfy the debt owed to the bond holders) and give the Union (UAW) a percentage ownership in the very company they helped to bankrupt. Federal bankruptcy law normally provides for the bond holders to liquidate assets to satisfy debt. But not this time, I guess.
Now don't get me wrong, I am very happy that GM is still in business. I just think some of the things they did to restore profitability to the company were a little underhanded.

True, but I do not beleive America will ever let the big three die. So whe Chrysler needed help back in the day, they got it and have prospered

2010 SSRS · 05-19-2010, 02:26 PM

nice

hollywoodGU · 05-19-2010, 02:28 PM

2010 the Re-Beginning of GM

05-17-2010, 01:13 PM	#1
armysig Catch me if you can Drives: 2012 IOM ZL-1 Join Date: Nov 2009 Location: Texas Posts: 2,460 View My Garage	GM back in the black As reported on CNNMoney Just finished reading the article, this is good news for everyone from the government owned portion to us the consumer. Now let's hope that GM gets away from being a government majority owned company soon! GM back in the black Via CNNMoney __________________

05-17-2010, 06:13 PM	#3
FrankT 400HP used to be enough.. Drives: 2010 2SS rs manual Join Date: Aug 2009 Location: Central NC Posts: 772	Well, when you take on the federal Govt. for a partner, it's easy to turn a profit. Because now that the Feds are your partners, standard business rules don't apply anymore. Like declare bankruptcy, stiff all the original shareholders, stiff all the bond holders (who SHOULD have had GM liquidate assets to satisfy the debt owed to the bond holders) and give the Union (UAW) a percentage ownership in the very company they helped to bankrupt. Federal bankruptcy law normally provides for the bond holders to liquidate assets to satisfy debt. But not this time, I guess. Now don't get me wrong, I am very happy that GM is still in business. I just think some of the things they did to restore profitability to the company were a little underhanded. __________________ Build thread: http://www.camaro5.com/forums/showthread.php?t=47925

05-17-2010, 06:16 PM	#4
fielderLS3 Drives: 2016 Mazda6, 2011 Mustang 5.0 Join Date: Mar 2010 Location: Portage, Wisconsin Posts: 4,049	Good news. That means we're getting closer to the government getting out. __________________ 2022 1SS 1LE (Arrived 4/29/22) "The car is the closest thing we will ever create to something that is alive." . 2022 1SS 1LE (Coming Soon)

05-19-2010, 02:26 PM	#6
2010 SSRS Drives: 3 V8 Camaros Join Date: May 2009 Location: The Ocean State Posts: 111,186 View My Garage	nice __________________ Jannetty Racing JRE Street Package

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05-17-2010, 04:37 PM	#2
fox840505 Drives: black rs/ss w/ silver striping Join Date: Oct 2009 Location: Ellsworth AFB Posts: 14	I saw this article on Yahoo and then decided to read the comments. That was a mistake. Everyone was knocking GM saying that their products suck and after being provided $52 Billion and they still could not post a profit in 2009 (then they state they drive quality vehicles such as Toyota). From one standpoint I understand what they are talking about, but wasn't GM still producing eight products? Once they shed most of their deadweight, minus Pontiac I always liked that line, they provided a profit. Most don't realize to turn a profit this quickly is normally undeard of. There is not very many companies that turn around a company that posted a $50 billion lose over three years and then post a profit the next quarter. Now the profit is not a lot but it is a start. With many highly anticpated product being introduced the next couple of years, the vintage GM is ready for a return.

05-19-2010, 02:28 PM	#7
hollywoodGU Drives: 1999 Firebird Formula Join Date: Jan 2009 Location: Monmouth, OR Posts: 656 View My Garage	2010 the Re-Beginning of GM