Tech | February 26, 2009 | 5 comments

GM hemorrhages $2.6 billion in cash, posts $9.6b loss for quarter

source: http://rawstory.com/news/2008/GM_hemorrhages_2.6_billion_in_cash_0226.html

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bansheewail
General Motors Corp. posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running.

The nation's biggest domestic automaker said Thursday it lost $30.9 billion for the full year and expects an opinion from its auditors as to whether the company remains a "going concern" when its annual report is issued in March. That means the auditors will determine whether there is substantial doubt about the automaker's ability to continue operations.
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5 comments // GM hemorrhages $2.6 billion in cash, posts $9.6b loss for quarter

  • Scarabus
    • 0
      Scarabus  

    • Hey! Why doesn't Exxon-Mobil help out the car companies from which it derives a lot of income? After all, they post a profit of $45.2 billion dollars in 2008.

    • 3 years ago
  • Tikbalang
    • 0
      Tikbalang  

    • Hemorrhage? Nah, more like a papercut. GM pays $10 billion a year to retirees for healthcare benefits.
      Wonder why companies outsource?
      America is the only civilized country in the world without universal healthcare. Every year Amercans WITH INSURANCE die or go bankrupt because treatment is delayed or denied.
      Universal healthcare, it could also save your job!

    • 3 years ago
  • MoonLoon
  • cybexg
    • 0
      cybexg  

    • "There's nothing dummer than a Hummer."
      ...how about the people who (made the executive decision to) build or buy them?

    • 3 years ago
  • bansheewail
    • 0
      bansheewail  

    • How could all those brilliant minds be so off the mark?? If they are that stupid, collectively, then they deserve to fail. If Obama bails their sorry asses out, the deal should have caveats that force GM to make smarter cars. There's nothing dummer than a Hummer.

    • 3 years ago
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