GM looses a lot of taxpayers money. What a sink hole of wealth being porked
out for a dinosaur. Of course consumers are concerned...the sooner GM does
chapter 11 to right itself the better off everyone will be except the people
consuming the pork spending.
GM Posts $6 Billion Loss for First Quarter, Burns Through $10.2 Billion
DETROIT -- General Motors Corp. posted a $6 billion first-quarter loss and
said it burned through $10.2 billion of cash in the first three months of
the year as revenue plummeted by $20 billion.
Chief Financial Officer Ray Young said talk of the company going into
Chapter 11 bankruptcy protection appeared to have scared some consumers away
from buying GM vehicles. GM faces a June 1 government deadline to finish a
restructuring plan or go into bankruptcy protection.
GM's loss for the quarter amounted to $9.78 a share, compared with a loss of
$3.3 billion, or $5.80 a share in...