GM claims they posted a quarterly profit of $865 million. Key word: claims. [NYTimes]
The "New" GM released a quarterly "preliminary managerial result" this morning and despite being not in any way comparable with the pre-bankruptcy GM, they're certainly illustrative of the enema-like cleansing effect of bankruptcy.
The "New" GM will try to play the Lee Iacocca PR card by repaying $6.7 billion — of a total of $50 billion in government loans — ahead of the scheduled repayment date of July, 2015.
We always hear complaints about the new car buying process being antiquated and "old n' busted." GM's apparently seeking to change that as it emerges from bankruptcy by partnering with eBay for new car auctions.
As part of an already-announced move designed to slim down U.S. non-union employees 15% to 23,500, GM plans to eliminate 4,000 U.S. salaried employees via buyouts and retirement incentives by October 1st. [Bloomberg]
While watching a CBS News segment on the future of GM, we noticed something lurking in one of the design studio shots. Could this be the next-gen Buick Enclave or are our eyes deceiving us?
Yesterday, CNBC inter-spliced their GM bankruptcy coverage with happier moments from the General's past (i.e., the 1950s). Either they were mocking GM or Kudlow was having another coke-fueled fantasy of Erin Burnett in an apron baking lasagna. [CNBC]
GM CFO Ray Young told a media conference call today that the new privately held company won't have to disclose financial statements. Instead, it will be up to shareholders to decide. You know, like the American people. Do American taxpayers get to vote? We say disclose. What say you?