Thursday, April 8, 2010

Government Motors

GM sucks my balls. Even though new Camaro looks bad-ass, do not buy cars form these fucking retards unless you get a credit of all the tax you paid in your life which they pissed away. Here is my original post on this bullshit and below a recent Dow Jones article. Un-fucking real, shit pisses me off.


DETROIT -(Dow Jones)- General Motors Co. said Wednesday that it lost $4.3 billion in the second half of 2009 in the first official accounting of GM's balance sheet since the company emerged from bankruptcy.

The post-bankruptcy GM reported $57.5 billion in revenue for the July 10 through Dec. 31 period. That compared with $46.8 billion for the first half of the year for so-called old GM.

"We are building the foundation that will allow us to return to public ownership," Chris Liddell, GM vice chairman and chief financial officer, said in a statement. "Completing fresh-start accounting is an important step in that process."

The figures are based on so-called fresh-start accounting that applies to the company after exiting Chapter 11, which required GM to adjust debts and assets of its global operations to reflect their fair-market value.

Before GM can hold a public stock offering to pay of the U.S. government's $50 billion investment in the company, it needs a balance sheet that adheres to federal accounting standards.

GM had $136 billion in assets at the end of 2009. The former GM had $91 billion in assets at the end of 2008.

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