G.M. Reports an Annual Profit, Its First Since 2004

[onehandle]

Source: New York Times

DETROIT — General Motors, which nearly collapsed from the weight of its debts two years ago before reorganizing in a government-sponsored bankruptcy, said Thursday that it earned $4.7 billion in 2010, the most in more than a decade.

It was the first profitable year since 2004 for G.M., which became publicly traded in November, ending a streak of losses totaling about $90 billion.

In addition, G.M. said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most ever.

“Last year was one of foundation building,” G.M.’s chief executive, Daniel F. Akerson, said in a statement. “Particularly pleasing was that we demonstrated G.M.’s ability to achieve sustainable profitability near the bottom of the U.S. industry cycle, with four consecutive profitable quarters.”

Read more: http://www.nytimes.com/2011/02/25/business/25auto.html

[FLAprogressive]

1. Looks like the Gubmint Motors bailout worked. Suck it teabaggers! Suck it!

[groundloop]

2. The teabaggers will no doubt find something wrong with this story

[Historic NY]

3. It will be the checks.

[jpak]

4. Thank you Obama and Dems for saving the US auto industry and all those union jobs

yup