Obvs this is pending any restatements, but earlier this morning the General's biggest supplier saw a net loss of $2 billion in the third fiscal quarter. That's over $1.2 billion more than they lost during the same quarter last year. So even if you "take away" the $1 billion of the loss related to employee attrition programs, the beleaguered, broke and bankrupt company still did $200 million worse than they did during the same period last year. How much were they thinking of spending on bonuses again? But hey, you've got to pay competitively if you want to keep your good people. Maybe that's the problem — maybe they just aren't paying their execs enough. Yeah, that's it.
Delphi posts $2 billion loss in third quarter [Detroit News]
Related:
Breaking! Bankruptcy Judge Rewards Delphi Execs For Being Bankrupt [internal]