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GM makes record profits in 2011. Are you serious? 7.6 billion

 
SHININGLIGHT
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User ID: 1643736
United States
02/22/2012 11:20 PM
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GM makes record profits in 2011. Are you serious? 7.6 billion
[link to money.cnn.com]
This is probably old news to some of you but anyway, I was like, are you serious?
Ok, I don't have a problem with a corporation making money. That's not the issue. The issue is that something doesn't add up. Two years after a bailout and they report a record profit.
I mean I thought the economy is bad. Are we really buying that many new cars?
The link says that they made some changes back in 2009 and that helped them be more profitable. Really? I don't understand all the numbers on the link but it says GM has to return 25.5 billion of the money they received.
Here is what my thought is. The richer just got richer and poor just got poorer. Guess we all just need to suck it up.
Anonymous Coward
User ID: 9720175
United States
02/22/2012 11:22 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
SHININGLIGHT  (OP)

User ID: 1643736
United States
02/22/2012 11:26 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175

Here is what it says in the link...but I don't really understand....you?
"GM has repaid loans it received, and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received."
Anonymous Coward
User ID: 6047788
Canada
02/22/2012 11:30 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Accounting tricks, the sale of Delphi,the parts business GM used to own, sales in China and reduced workforce (outsourcing) ran their profits up.

Little of that has anything to do with the US economy being strong.
Anonymous Coward
User ID: 9720175
United States
02/22/2012 11:32 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175

Here is what it says in the link...but I don't really understand....you?
"GM has repaid loans it received, and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received."
 Quoting: SHININGLIGHT


That sounds about right.

So, shouldn't GM return their 2011 profit back to the taxpayer?

That would be akin to common folks who have their tax returns taken for various unpaid bills.
Anonymous Coward
User ID: 6047788
Canada
02/22/2012 11:33 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175

Here is what it says in the link...but I don't really understand....you?
"GM has repaid loans it received, and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received."
 Quoting: SHININGLIGHT


It means they've paid back some of the money. Much of that outstanding $25B debt was loans to the former GMAC, the car loan arm of General Motors. It's called Ally financial now.
SHININGLIGHT  (OP)

User ID: 1643736
United States
02/22/2012 11:39 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175

Here is what it says in the link...but I don't really understand....you?
"GM has repaid loans it received, and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received."
 Quoting: SHININGLIGHT


It means they've paid back some of the money. Much of that outstanding $25B debt was loans to the former GMAC, the car loan arm of General Motors. It's called Ally financial now.
 Quoting: Anonymous Coward 6047788

How much you want to bet more accounting tricks and this will never get repaid?
SHININGLIGHT  (OP)

User ID: 1643736
United States
02/22/2012 11:43 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175

Here is what it says in the link...but I don't really understand....you?
"GM has repaid loans it received, and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received."
 Quoting: SHININGLIGHT


That sounds about right.

So, shouldn't GM return their 2011 profit back to the taxpayer?

That would be akin to common folks who have their tax returns taken for various unpaid bills.
 Quoting: Anonymous Coward 9720175


The poorer get poorer, right?
Anonymous Coward
User ID: 9720175
United States
02/22/2012 11:48 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175

Here is what it says in the link...but I don't really understand....you?
"GM has repaid loans it received, and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received."
 Quoting: SHININGLIGHT


That sounds about right.

So, shouldn't GM return their 2011 profit back to the taxpayer?

That would be akin to common folks who have their tax returns taken for various unpaid bills.
 Quoting: Anonymous Coward 9720175


The poorer get poorer, right?
 Quoting: SHININGLIGHT


Clearly two sets of rules in this screwed up bizzaro world we reside in. Double standards abound...
SHININGLIGHT  (OP)

User ID: 1643736
United States
02/22/2012 11:56 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Accounting tricks, the sale of Delphi,the parts business GM used to own, sales in China and reduced workforce (outsourcing) ran their profits up.

Little of that has anything to do with the US economy being strong.
 Quoting: Anonymous Coward 6047788

I guess you are right, has little to do with US economy....
quote from the link
"International operations outside those regions was only slightly more profitable, despite continued gains in sales in China, where GM now sell more cars than in North America.
Anonymous Coward
User ID: 9712461
Australia
02/22/2012 11:59 PM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
[link to money.cnn.com]
This is probably old news to some of you but anyway, I was like, are you serious?
Ok, I don't have a problem with a corporation making money. That's not the issue. The issue is that something doesn't add up. Two years after a bailout and they report a record profit.
I mean I thought the economy is bad. Are we really buying that many new cars?
The link says that they made some changes back in 2009 and that helped them be more profitable. Really? I don't understand all the numbers on the link but it says GM has to return 25.5 billion of the money they received.
Here is what my thought is. The richer just got richer and poor just got poorer. Guess we all just need to suck it up.
 Quoting: SHININGLIGHT


Really fucking simple explanation. GM two major stakeholders are the US & Canadian governments. Think about who their two biggest customers are. If you can't see then you are a moron of the highest order
Anonymous Coward
User ID: 11215621
United States
02/23/2012 12:11 AM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
Has GM paid back the taxpayer bailout money from 2008?
 Quoting: Anonymous Coward 9720175


The USA has lots of shares in GM and the shares are rising.
As time passes, the USA will sell fractions of its holdings
gaining the American people the money spent to SAVE
the American auto industry and a million jobs.
Anonymous Coward
User ID: 11215621
United States
02/23/2012 12:15 AM
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Re: GM makes record profits in 2011. Are you serious? 7.6 billion
[link to money.cnn.com]
This is probably old news to some of you but anyway, I was like, are you serious?
Ok, I don't have a problem with a corporation making money. That's not the issue. The issue is that something doesn't add up. Two years after a bailout and they report a record profit.
I mean I thought the economy is bad. Are we really buying that many new cars?
The link says that they made some changes back in 2009 and that helped them be more profitable. Really? I don't understand all the numbers on the link but it says GM has to return 25.5 billion of the money they received.
Here is what my thought is. The richer just got richer and poor just got poorer. Guess we all just need to suck it up.
 Quoting: SHININGLIGHT


The economy is improving.
The USA is setting records for exports.
People held off buying new cars for several years creating
a demand for cars now.
Citizens have paid down debt, built up some savings.
Things are getting better.
Obama will win in a HUGE historical landslide against
Rick Santorum.





GLP