GM: $91 Million In Losses Isn’t So Bad
Top brass at General Motors must have been happy to hear from its accountants that its losses this quarter were only $91 million dollars, instead of the $115 million figure that it reported earlier on. The reason for the $24 million reduction was from an adjusted result brought on by the giant’s financial firm, GMAC which takes care of financing and leasing. Yes, that’s a difference, but it’s still like dancing for joy when gas drops to $1.20 a litre.
In other news, Toyota reported a 33.5% increase in profits during the same quarter, which equates to $3.44 billon (with a B). In no time at all, Toyota’s gains will be equal to Ford’s losses, which, for the same period were $5.8 billion (also with a B).