Tuesday, May 18, 2010
Being General Motors
According to the New York Times "G.M. reported first-quarter earnings of $865 million as its revenue surged 40 percent, to $31.5 billion. It broke a long string of losses in North America even though industry sales remain near multidecade lows. The results show that G.M. is on track to become a public company again as soon as the fourth quarter, allowing the government to recover more of the billions of dollars it spent preventing the company’s collapse. After nearly running out of money at the end of 2008, G.M. had positive cash flow of $1 billion in the first quarter." This is encouraging news. While taxpayers still own a majority stake in GM, continued profitability will ensure our payback while an estimated one million jobs during this Great Recession were saved. Go GM!