GM Declares Bankruptcy Imminent After $4.2 Billion Third Quarter Loss

GM today announced a third-quarter loss of $4.2 billion (adjusted, $2.5 billion reported) on revenues of $37 billion while spending $6.9 billion of their lifeblood-like cash on hand. Although initially we thought the big news here was a cash spend of $2.3 billion per month, compared to around $1.1 billion a month in… » 11/07/08 11:40am 11/07/08 11:40am