Thursday, August 2, 2012
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... ______________________________________________
General Motors' profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America.