General Motors Loses Big

By: Associated Press
By: Associated Press

It was a horrible year for General Motors.

The car company has disclosed that it suffered a loss of nearly $31 billion last year, burning its way through more than $19 billion in cash.

The former symbol of American industrial might says its only hope of surviving for another year is still more help from the government.

GM warns that its expenses are so high and its income is so low that auditors are reviewing whether it can continue as a "going concern."

It has, in effect, become too big for the market, having to pay workers when plants are shut down and cover other costs including pensions and health care.

GM executives met for several hours with members of President Barack Obama's auto industry task force and a spokesman indicates they found an understanding ear. The task force is reviewing the company's survival plan.

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  • by Wayne on Feb 27, 2009 at 11:19 AM
    I guess since Bush started making us the United Socialist States of America, and Obama is continuing it, GM will probably get the help they want. A free market economy, a capitalist society, whatever you want to call it, requires a business that can't survive on it's own to fail. Their business mistakes and high dollar salaries over the years have caught up with them, and I'd rather pay the workers unemployment than bail out the company. Let the company owners bail themselves out. This is like paying twice for a car. Our tax dollars pay now, and we pay later when we make a purchase - welcome to the USSA. Fortunatly we are still the greatest country in the world, but for how much longer?
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