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GM: $30.9B Losses in 2008


credit: o0 Ryan 0o

credit: o0 Ryan 0o

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Not only is GM off its game, it's off the charts in fiscal losses. A gut-wrenching $30.9 billion is the final number for its 2008 losses now that the miserable fourth quarter tally is in. Fourth quarter losses in '08 - $9.6 billion - were nearly six times that of the giant's losses for the same period in '07.

They want yet more money from Uncle Sam, and both a wary public and Obama's economic team are understandably reticent. Later today CEO Rick Wagoner will make a case to the President's autos team for receiving up to $16.6 billion more. GM already received $13.4 billion at the end of last year.

Big picture: GM has lost over $73 billion in the last four years. They've already eliminated 47,000 jobs this year, will close the doors of 14 manufacturing facilities in the next three years, and will "sell, shrink or kill" Saturn, Saab, Hummer, and Pontiac.

GM, of course, is blaming the recession and the credit crunch. Critics blame dated products, myopic management, and pricey contracts with the UAW.

Is it Chapter 11 time, or should the taxpayers keep GM on life support?

[source: Detroit News]

 
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