How GM Made $30 Billion Appear Out of Thin Air

[extra]

Yet another reason not to buy shitty cars from a dishonest company.

*face palm*. There's nothing weird or shady about this.

Funny, even Toyota was for the bailout.

 

[mwtgg]

This is what happens when those not familiar with accounting decipher financial statements. I can't wait to see what happens if the LIFO issue isn't dealt with with the upcoming IFRS convergence. I can see the public screaming bloody murder when say, Exxon, posts record "profits".

I'm willing to bet that this $30B is a reasonable amount. I'm sure they wouldn't like to start with the write-downs this soon in their new existence. Which will happen as ASC 350 (FAS 142) requires annual impairment tests

 

[ProfJohn]

GM already paid back their bailout loans, didn't they?

I believe they paid them back by borrowing money from the government.

 

[ProfJohn]

The sad thing is that this is all being done for political reasons.

Obama and the Democrats want GM to go public again so they can claim they no longer own the company and declare some kind of victory.

The American tax payers are going to lose money when GM stocks are sold below our cost to 'buy' the company.

The smart thing to do would be to wait until the company and the economy are doing better and then sell it for a profit.

 

[RU482]

they should just stick to what they do best, making good used cars