OT: GMC's magic pencil

Except for the 3.2 billion$US I lost this quarter, I made 1.3
billion$ this quarter!!!!!??????? --- WTF!!!
Assuming 90 days in the quarter this is 35.5million$US per day,
8.8 million dollars per hour, 147,000$ *per minute* -- 24/7.
How many of you shop owners could sell your bank and/or investors
on the idea that you were doing a good job with these kinds of
results? And the price of GM stock went up 4% after this news.
US taxpayers should note that they will have to make up *SOME*
the pension funding shortfall through the PGBC that these losses
should have paid for. Current retirees and vested pension
holders will take a bigger hit when GM goes belly up because the
PGBC will not cover the entire value of their contracted pension
and/or medical care.
GM posts 2Q loss of $3.2 billion
By SARAH KARUSH, Associated Press Writer 34 minutes ago
DETROIT - General Motors Corp. said Wednesday it lost $3.2
billion in the second quarter as it absorbed heavy charges for
its massive restructuring program. But the world's largest
automaker reported an adjusted profit without the charges that
handily beat Wall Street estimates and its sales surged 12
Investors sent GM shares up nearly 4 percent in morning trading.
The loss of $5.62 per share in the April-June period compared
with a loss of $987 million, or $1.75 per share, for the same
period last year.
Without the one-time charges, GM said it earned $1.2 billion, or
$2.03 per share. That was significantly ahead of the 55 cents per
share forecast by analysts polled by Thomson Financial.
for rest of article see
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Unka George
(George McDuffee)
...and at the end of the fight is a tombstone white
with the name of the late deceased, and
the epitaph drear:
?A Fool lies here, who tried to hustle the East.?
Rudyard Kipling The Naulahka, ch. 5, heading (1892).
Reply to
F. George McDuffee
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That's why the stock went up, PGBC will cover it. Gee what a world we live in :(
Reply to
I was wondering if GM was playing accounting tricks on a massive scale when a local Hummer dealer had its *entire* back lot full of identical new black Hummers. A few hundred of them where there are usually a dozen at most.
Does GM-Manufacturing get to book vehicles at dealerships as sales? Then after the reporting date pull them back?
Reply to
Fred R

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