GM Fails

[turbodaytona87]

http://www.msnbc.msn.com/id/23124844/

"GM’s annual loss of $38.7 billion largely was due to a third-quarter charge related to unused tax credits"

38.7 Billion!:shock:

[coop]

this isnt news....domestic cars suck

[Alley]

unused tax credits?

[82355]

Mopar has NEVER had financial troubles.

Martin

[Alley]

Mopar has NEVER had financial troubles.

Martin

Did somebody say they didn't?

Checked the thread...nope.

[cole]

who gives a ****

[Alley]

I'd actually like to hear more about why they show a loss and what these tax credits are. But maybe a regular conversation is too hard for certain people on this board?

[C.J.]

this isnt news....domestic cars suck

when was the last time an american car company didn't lose a large amount of money? you always read about these problems from the big 3 on a regular occasion.

[Alley]

The goverment always bails them out anyway. just think what it would do to the economy if a auto company actually went out of business.

[C.J.]

The goverment always bails them out anyway. just think what it would do to the economy if a auto company actually went out of business.

exactly the reason it will NEVER happen

[coop]

the only way domestic cars have a chance is if they create 100%-gas free cars




oh and not have import competitors beat them by 10 years like is usually the case

[BOORAH]

I always thought they made a **** ton. Guess not.

[turbodaytona87]

I think the tax credits would have paid a **** ton of taxes if they had a profitable year, but they didn't so they got charged 38.3 billion in taxes. At least from what I understand (go ahead and say it martin)

[Nickels]

Its because toyotas are so shitty, didnt you know? Toyotas are so shitty, thats why GM loses money

[BOORAH]

THAT MAKES SO MUCH SENSE!!!!

So is global warming because of Toyota too?

I'd like to think so.

[burnoutnova]

The goverment always bails them out anyway. just think what it would do to the economy if a auto company actually went out of business.

exactly the reason it will NEVER happen

like oldsmobile maybe? they were done in 2003

[Nickels]

THAT MAKES SO MUCH SENSE!!!!

So is global warming because of Toyota too?

I'd like to think so.

thats the rumor

[David]

This is old news thats being spun a different way.. The tax credit has to do with the way GM moved money around... GM did not "lose" 38 billion dollars. IF that was the case.. bard better start looking for a new job.

http://www.just-auto.com/article.aspx?id=93905


GM said the loss was almost entirely attributable to a non-cash $38.3bn special tax charge in the third quarter. Let us paraphrase a US-based industry commentator on that one: "The company earlier booked a tax credit in anticipation of events that would entitle it to same. Things didn't pan out so the credit had to come back off the books [in the third quarter]. It's only a book entry, paper money, no cash actually left the automaker's treasury."

[turbodaytona87]

how do tax credits work?

[David]

it's not real money and it was put on the books as a "tax credit" or something to that affect. Typically tax credits are something you claim that you helps with deductions... not sure what exactly it means to GM... but no money left GM.. . no money was lost..... GM is having financial problems but is trying to fix that by buying out the unions as I recnetly heard.

[David]

http://starcityracing.com/Forums/showthread.php?p=136704#post136704

[4 cam torino]

Corporate Accounting is the biggest load of bull **** ever. The numbers the post for profits and losses don't really seem to mean anything most of the time. Showing that huge loss should help get rid of the Unions if nothing else. It won't stop Lutz from flying over the proving grounds in old foreign fighter jets though :)

[David]

i take it he owns a mig? you can usaually buy them on ebay pretty cheap.

[4 cam torino]

He owns a mig and something else too. Not sure what the other one is.

[4 cam torino]

I just noticed I forgot the t on It so it looked like I was saying I. Not a big deal really, but I realized I clicked edit on a post I made yesterday. I love you David :)

[David]

:)

[antidookie]

just blame it on the hooonda