General Motors Reports $7.6 Billion In Profit
General Motors has just reported their largest profit ever at $7.6 billion. This is two years after the company received a financial bail-out from the federal government and emerged from bankruptcy. At 103 years old, General Motors became leaner under new management and has been cutting costs.
However GM will unlikely see these kind of profits in 2012 because they are losing money in Europe and South America. The profits were so good that 47,500 blue collar workers will receive $7,000 profit-sharing checks, which is the maximum allowable under their new union contract.
The government received 500 million shares of GM in exchange for $49.5 billion in the bail-out. Through earlier stock sales and loan repayments, the government has made back about $22.3 billion of that money.@amitchowdhry or on Google+ at +AmitChowdhry