GM Posts Record Profit!
No, really! Honest Injun!
Translation: They lost at least $848 million. Boy, that was terribly clever of them, banishing all their losses into the "special items" category. I wish I was that smart. Maybe I could be a CEO, too. I guess I should go buy some shares of GM now, since it's run by such smart people.
Not.
Sorry, the elephant is still standing in the middle of the room, no matter what color you paint it. And there's still a UAW worker riding in the howdah.
General Motors Corp. finally got some good financial news, posting an operating profit in the first quarter excluding all special items.
The embattled automaker reported that it earned $152 million, or 26 cents a share, excluding all special items in the period, such as a $1 billion pre-tax charge related to an agreement to change health care coverage for hourly retirees and their families.
Translation: They lost at least $848 million. Boy, that was terribly clever of them, banishing all their losses into the "special items" category. I wish I was that smart. Maybe I could be a CEO, too. I guess I should go buy some shares of GM now, since it's run by such smart people.
Not.
Sorry, the elephant is still standing in the middle of the room, no matter what color you paint it. And there's still a UAW worker riding in the howdah.
posted by Jar(egg)head at 17:00
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