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Overall, GM reported full-year net income attributed to common shareholders of $7.6 billion, which comes to $4.58 a share. That's up from the $4.6 billion it earned in 2010.
Also, they are freezing pension plans and switching employees to 401K plans. That is a good move as well.
NEW YORK (CNNMoney) -- General Motors has shifted its senior salaried workers away from a traditional pension plan to a 401(k) plan, said a company spokeswoman on Wednesday.
GM (GM, Fortune 500) froze its defined benefit pension plans for 19,000 U.S. salaried workers and shifted them to a 401(k) plan, said GM spokeswoman Lynda Messina.
Overall, GM reported full-year net income attributed to common shareholders of $7.6 billion, which comes to $4.58 a share. That's up from the $4.6 billion it earned in 2010.
Also, they are freezing pension plans and switching employees to 401K plans. That is a good move as well.
NEW YORK (CNNMoney) -- General Motors has shifted its senior salaried workers away from a traditional pension plan to a 401(k) plan, said a company spokeswoman on Wednesday.
GM (GM, Fortune 500) froze its defined benefit pension plans for 19,000 U.S. salaried workers and shifted them to a 401(k) plan, said GM spokeswoman Lynda Messina.
Great maybe they can pay us back what they owe us.
Well its only a success story if want to ignore that while we propped up GMs failed business model, numerous government programs were going broke or underfunded and the money loaned was itself borrowed money from other nations or printed up at our own loss.
Not to mention the unconstitutionality of it all, but breaking the rules seems fine to many so long as their team wins.
Why is the stock still in the ****ter? As for switching to 401K's the article mentioned that is only for salaried workers. Wonder why that is?
I looked up GM and found a news report posted today.
General Motor's profit slips
"General Motors Co. said on Thursday that it earned $468 million or $.28 a share in the fourth quarter, compared to $510 million, or $.31 a share a year ago:.
$468M per quarter doesnt come close to $7.6B for the year... Someones got their story wrong.
GM should damn well make a profit after bail-outs and bankruptcy (not only free money, but excused debt). They would have to be totally dysfunctional (instead of partially dysfunctional) not to.
Now - it's time for them to pay back the $20 billion they owe the US taxpayers. Think we will ever get it back? They are still in the red as far as I, and every taxpayer here, should be concerned.
General Motors Co. on Thursday reported a record profit of $7.6 billion for 2011, but losses in Europe and thin profit margins in the fourth quarter underscored challenges the company faces in 2012.
The car maker's profit grew last year on strength in its North American operations, where sales rose and buyers paid higher prices for vehicles, and steady growth in China. The company made $7.2 billion in North America for the year, up from $5.7 billion in 2010, and $1.5 billion for the quarter compared with $813 million a year earlier.
Once the share value hits around $50, we will break even.
And 1.5 million jobs were saved as a result of the bailout.
GM Posts Record Profit 2 Years After Bankruptcy - Automotive News Story - WRTV Indianapolis (http://www.theindychannel.com/automotive/30472241/detail.html - broken link)
Quote:
GM has repaid loans it received and the Treasury got most of the proceeds of its record initial public offering in November 2010. But Treasury still holds about a third of the company's shares, which are trading below its IPO price, and GM has yet to return $25.5 billion of the money it received.Shares would have to roughly double, to above $50 a share, for taxpayers to break even on the bailout. Taxpayers fell about $1.3 billion short on the Chrysler bailout.But even if the bailouts are not repaid directly by GM and Chrysler, there are estimates that taxpayers are better off for the bailouts.The federal assistance probably saved about 1.5 million jobs, according to an estimate from the Center for Automotive Research, and prevented GM, Chrysler and many U.S. parts suppliers from being forced out of business, which would have been a huge blow for tax revenue. All the major U.S. automakers are again hiring, and further job gains are forecast in the coming years.
Why is the stock still in the ****ter? As for switching to 401K's the article mentioned that is only for salaried workers. Wonder why that is?
Do you need a hug? I know this is hard for you.
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