50 billion of our money to GM, and billions more from GM bondholders yield magnificent results: GM profits slip 41% - more bailouts for GM needed?

Take GM's reported profit figures with a grain of sand about the size of the Sahara desert. Creative accounting, as we have noted in many previous posts, accounts for declared profits not sound business practices or that GM makes such wonderful automobiles that customers are lining up to buy them...   ______________________________________________

GM profits slip 41% as European struggles take their toll | Business | guardian.co.uk

General Motors' profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America.

America's largest automaker made $1.5bn in the second quarter of 2012, compared with $2.5bn for the same period last year. Revenue fell to $37.6bn from $39.4bn in the second quarter of 2011. The results exceeded analysts' estimates, but further underlined Europe's drag on the US economy.

"Our results in North America were solid, but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America," said GM chairman and CEO Dan Akerson. "Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade."

Read More: GM profits slip 41% as European struggles take their toll | Business | guardian.co.uk