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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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Comments (8)
  1. "Wow"

    I don't understand how one company could lose that much money, short of setting fire to it...
     
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  2. "AIG???"

    Those guys will lose over $60B of our money in just ONE quarter. GM losses look like chump change honestly.
     
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  3. "Walk the Plank"

    When Chairman Wagoner comes a calling the agreement for any more taxpayer dollars should come with his, GM senior management, and complete Board of Director resignations (i.e., walking the plank). Clearly they have proven that they do not know what they are doing. After that President Obama should appoint to GM's Board, to demonstrate his bi-partisan spirit, smarty pants know-it-all Senators Shelby, McConnell, Graham, and Corker. Those four can name a Chairman and senior managers to run the corporation. A few names that should make the head of their list for senior management and/or Chairman are Governer Palin, Governer Jindal and former Governer Romney. This way on a scale lesser than running the country, we can find out if they are more than just talk and are truly worth their salt. Oh, they can also throw Arnold in the mix since he will soon need a full time gig to occupy his time. Just imagine the Chevy Camaro - Terminator Edition, featuring On-Star that blurts out "I'll Be Back".
     
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  4. "Need I say more?"

    Without a doubt GM is a lame horse that should have been dragged out behind the barn and shot...5 years ago. Don't waste another cent of financial aid on this company!
     
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  5. "Mr. D..."

    I truly hope you'll stay here for a while :-) We need more people like you! It's going to be fun...
     
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  6. "No More Big-3 Welfare!"

    The Big-3 needs to Chap. 11 and see where they shake out after that. They should not get one more penny of welfare money. Do the 11-shuffle, fire the heads, eliminate (completely) the unions, reorganize their finances, and either they make it on their own footing, or they go down. Same with all the other welfare recipients (financial market, states, "stimulous bill" (ha), etc. We live in a free-market society, and Obama and his tax and welfare whores have turned us into a socialistic society within one month of being in office. NO MORE BAILOUTS!
     
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  7. "Welfare?"

    I think it's too early to say that. Not a penny has trickled down to anyone yet which cannot be said about the hundreds of billions that banks took from Bush already. Where's that cash?
     
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  8. "Ron S."

    Ron S. You should not be slamming the Obama Administration and company for what it now has to do. You should be screaming at President Bush and the Republicans for getting us into this mess. They gave big business everything they wanted. They gave them tax cuts. Instead of big business using the cuts to hire people and invest in this country, the management put the money into their own pockets and sent the jobs and plants overseas. Big business is still at the game with the bailout money, putting it into management's pockets and putting workers on the unemployment line. We have already heard how that one bank bailout executive spent $35,000 for a toilet in his office, where a $200 one from Home Depot would have worked just fine. Furthermore, I want someone to tell me how you can keep spending for wars on two fronts for five years, without dragging the economy down from the borrowing required to do it since it was taboo to raise taxes to pay for the efforts. So it is funny to hear the Republicans talking about all the spending that is needed now to jump start the economy. I didn't hear this crew talking about hoisting the debt on our children and grandchildren when $10 billion per month then and now is being spent on the wars and when their pals were and still are living the high life on the tax cut/bailout money received. The Republicans should have demanded that President Bush get that oil money from Iraq to pay for the war like he told us he would. President Bush derided President Clinton for nation building in Somalia and said that was what he would not do. That is exactly what he did in Iraq on a scale to beat the band. He could have offered $10 billion to anyone who would bring him Osama. It would have taken just one month. We could have then been spared a lot of the mess that we are currently in. However, I look on the bright side, just like with President Clinton who brought a budget surplus, from the ashes a phoenix has risen -- President Obama.
     
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