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Old 02-26-2009, 10:18 AM   #1
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Default GM posts a 2008 loss of close to 31 billion.

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DETROIT (Reuters) - General Motors Corp posted a loss of nearly $31 billion on Thursday for 2008 and said its auditors were likely to cast doubt on its viability as it seeks an expanded federal bailout to stay afloat.

Revenue plunged by more than a third to $30.8 billion. GM burned through more than $5 billion in the fourth quarter and ended the year with $14 billion in cash, including the first $4 billion in loans it received from the U.S. Treasury.

The automaker, which asked for up to $30 billion of U.S. government aid, also warned its pension plans were underfunded by about $12.4 billion as of the end of 2008, raising the risk of a greater funding gap in the years ahead.

GM's loss was the deepest among Detroit-based automakers in 2008 as industry-wide auto sales dropped to 16-year lows. Ford lost $14.6 billion. Chrysler, controlled by private equity firm Cerberus Capital Management, lost $8 billion.

The release of the grim results came on the same day that GM Chief Executive Rick Wagoner and other senior executives were scheduled to meet with members of the autos task force headed by U.S. Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers.

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good lord
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Old 02-26-2009, 11:23 AM   #2
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Ohhh noooooooo...
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Old 02-26-2009, 11:23 AM   #3
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a loss of 31 billion? i dont think i can comprehend how a company looses that much money in 1 year
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Old 02-26-2009, 02:30 PM   #4
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so how many full atm machines is that?
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Old 02-26-2009, 03:15 PM   #5
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Quote:
Originally Posted by HEAVYKEVY View Post
a loss of 31 billion? i dont think i can comprehend how a company looses that much money in 1 year
many many corporate jets...
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Old 02-26-2009, 03:17 PM   #6
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Damnnn....
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Old 02-26-2009, 06:42 PM   #7
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bye bye GM, considering that Obama seemed to give them the death sentence in his speech the other night by saying "we are not helping the automakers out, they had their chance"
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Old 02-26-2009, 07:03 PM   #8
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loss 31billion, tell them to check their offshore bank accounts.
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Old 02-26-2009, 09:51 PM   #9
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Quote:
Originally Posted by Angus1211 View Post
so how many full atm machines is that?
Assuming a single ATM holds around $100,000...

310,000 ATMs

There are roughly around 370,000 ATMs actually located in the US
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Old 02-26-2009, 11:13 PM   #10
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^ wow.
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Old 02-27-2009, 03:17 AM   #11
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Quote:
Originally Posted by 02DyeFour View Post
Assuming a single ATM holds around $100,000...

310,000 ATMs

There are roughly around 370,000 ATMs actually located in the US
holy crap, you have no allowed me to grasp really how much money that is
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