GM Reports Q1 2011 Results: $3.2 Billion Profit

[DGthe3]

Originally Posted by truth411

Lay off the koolaid bro.

Edit: Sorry I did not mean to respond to your post, it was for Mr. "Liberty"

meh, its good for a laugh either way

[derklug]

Profit means people stay employed and more are hired, so it is GREAT that GM is showing a profit. The LSD trip that was the GM bailout/bankruptcy has left all kinds of numbers out there to be manipulated by the blogosphere. Always remember, figures don't lie, but liars figure.

[DGthe3]

Originally Posted by Libertyforall1776

How anyone can believe a GM "profit" is beyond me after their binge at largesse from Americans at a far greater amount than this alleged "profit" -- THAT is drinking the KOOL-AID.

When the recipe is cooking the books, there are plenty of tasty dishes for PR. Like Whitacre's half-truth that GM repaid its debt - how about some intellectual honesty?

How are they cooking the books? The $45B that you seem to be thinking about isn't a lump sum. To my knowledge, its largely made up from a tax credit from when they lost billions upon billions for years leading up to their bankruptcy. It gets applied to their taxable earnings, not their gross revenue. Without it, their 3.2B would have been a bit smaller but a) they still would have made a profit and b) there is no 'cooking the books' involved in any of this. But if you are a better financial expert than I (entirely possible, since I don't have a financial background) here are their SEC filings: http://investor.gm.com/sec-filings/. Analyze it to your hearts content.


As for paying back the debt ... when you have ~$60B in loans converted into ownership and both sides agree to call it square, you no longer owe that $60B. Then you take another loan and pay that back you have repaid your debt obligations. So whatever your opinion is on that, it doesn't change the fact that when they said last year that they had repaid their loans in full, ahead of schedule it was 100% true.