Wednesday, November 7, 2007

GM Losses Big

General Motors reported its largest quarterly loss ever today — $39 billion — after it took a huge noncash charge to write down deferred tax credits. Yes, that's $39 BILLION!

“Things are bad and getting worse,” Peter Nesvold, an auto analyst with Bear Stearns, wrote to clients this morning, assuring them that the number was “not a typo.”

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