Remember when America’s illustrious premier Comrade Obama told us G.M. bond holders to go stick our faces into meat grinders and that we had no rights to the debt we bought? That was a good trick.
Profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America.
America’s largest automaker made $1.5bn in the second quarter of 2012, compared with $2.5bn for the same period last year. Revenue fell to $37.6bn from $39.4bn in the second quarter of 2011. The results exceeded analysts’ estimates, but further underlined Europe’s drag on the economy.
“Our results in North America were solid, but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America,” said GM chairman and CEO Dan Akerson. “Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.” Maybe they should just let people get car leases without doing any credit checks because that would be “fairer”…
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I just had a flash back.
One potential tenant arrived in her 2000-ish Lexus SUV.
She appeared to be in the medical field.
We got the inspections and interviewing under way.
I discover she is going to nursing school, driving a leased Lexus and wanted to negotiate the security amount.
Not $GM, exactly.
But there’s my flashback of a HOBOma voter.
Haha well said
I read somewhere that over 60% of the car loans made by GMAC/Ally bank are what is kindly called sub prime. Credit scores below 640.
People turned down by Ford, Toyota, Honda, Chrysler, etc can get a loan at Government Motors.
Now that’s a good business model.