General Motors has just posted its first full year profit since 2004.
They posted a 4.7 billion dollar profit for 2010.
"I'm not sure anyone would have predicted a year ago that GM will deliver net income of $4.7 billion," Chairman and CEO Dan Akerson said Thursday. The annual profit, fueled by strong sales in China and the U.S. as the global auto market began to recover, gave GM its best year since 1999, when it made $6 billion at the height of the pickup truck and sport utility vehicle boom.
Pretty great considering where they were. So...are we still sticking to the story that "Government Motors" is a failure?
7 comments:
Your wrong and stupid. I just know you are SOMEHOW! Blah blah blah genetic fallcy blah blah blah just answer my heavily baited question blah blah blah standard responses blah blah blah any government intervention in the free market is bad blah blah blah
Just wanted to have a summation of what is surely coming.
Very funny, sasquatch. In one short comment, you have just summed up every exchange Mark ever had with those nitwits that post on The Smallest Minority.
Uh huh. Surely, at some point, you're going to explain why GM is an exception relative to other companies that might want to get bailed out, right? Sasquatch? Mark? Apparently a question like that is too "loaded." :)
GM is profitable, great. I doubt anyone but the other automakers are complaining about them being healthier.
Now let's see how it got to this point:
1. Government takeover not following rule of bankruptcy Law - FAIL
2. Investors screwed on this circumvention - FAIL
3. Taxpayers now and far into the future are put into further debt to fund GM - FAIL
4. Tax treatment not available to any other companies provided to GM which further hurts taxpayers - FAIL
5. GM, with all crony capitalism, turns a profit - Success
I seem to recall you railing against corporate power with government yet in this case you are fine with it? Hypocrite much?
This was a complete sidestep of the rule of law and pure government intervention where it should never have been. Going to give us the old "too big to fail" or "too interconnected" crap again?
A perfect example of a corporation screwing me over. How dare they force me to buy a car, just so the fat-cats can make a profit.
That and another $20 billion and they can pay me off.
But really, has anyone here said that giving a company $50 billion and the ability to write their own bankruptcy rules would result in anything other than a profitable company?
You keep posting these quoted "failure" stories like you are somehow rebutting something someone said. I can't find anyone saying what you are "rebutting".
I can't find anyone saying what you are "rebutting".
If you are very quiet and listen very carefully, you might just hear one of those voices in his head.
Or, just wait for M to scream all about what that voice told him.
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