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.”

No comments:

Post a Comment

Thanks for commenting. You might enjoy my book about Flint called "Teardown: Memoir of a Vanishing City," a Michigan Notable Book for 2014 and a finalist for the 33rd Annual Northern California Book Award for Creative NonFiction. Filmmaker Michael Moore described Teardown as "a brilliant chronicle of the Mad Maxization of a once-great American city." More information about Teardown is available at www.teardownbook.com.