By FITSNews || Government Motors (formerly known as General Motors) turned a quarterly profit for the first time in nearly three years, although company officials admitted that its gains – provided in large part by Chinese markets – “aren’t necessarily stable for the rest of the year.”
Nonetheless, for the first quarter of 2010 GM posted income of $865 million – its first quarterly profit since 2007.
Government Motors still owes taxpayers more than $50 billion – money that was pumped in during the administrations of former president George W. Bush and current U.S. President Barack Obama. The U.S. Treasury currently owns a 61 percent stake in GM.
Ford Motor Company, which refused government assistance, boasted a $2.1 billion profit for the first quarter of 2010. Ford’s profits have consistently outpaced those of its bailout-backed competitors over the last year.
By CNSYD May 17, 2010 at 12:50 pm
Please let me know what company can guarantee stable gains for the rest of the year. You are merely repeating normal ass covering verbiage that you would get in the financial statement of any entity.
By countryboy May 17, 2010 at 2:41 pm
Be interesting to know how the purchase of government (and military) vehicles from GM helped those profits…..and whether Ford, which didn’t take bailout money, got an equal share of government/military business…
By LithMike May 17, 2010 at 6:11 pm
If GM is doing so well, why are they attempting to borrow another $14 billion from us? They have $35 billion in the bank and they want more?
By JAF May 18, 2010 at 8:51 am
Since the government owns the majority I am sure they will run it like Fannie Mae/Freddie Mac and will not be accountable to anyone. Well boys and girls here come another great government rip off.