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By the end of the year means by the end of 4th quarter, not 3rd.
The loss they just reported falls within the time frame of this disclosure;
Quote:
Chief Financial Officer Ray Young cautioned that the second- and third-quarter figures don't comply with U.S. accounting standards and shouldn't be compared with previous earnings.
GM says it is re-valuing its assets and liabilities and should comply with accounting standards next year.
I say boycott Government Motors for the very simple fact that obama screwed over the original investors as payback for his union buddies. He turned bankruptcy and contract law on its head while strong-arming and threatening the creditors to go along with his scheme.
Why would anyone support such thuggish tactics?
I know many 'conservatives' are doing just that: boycotting American companies. After all, you need to damage the economy as much as possible in order to pin the problems on Obama
So...basically they're cooking the books to make a $1.2 billion loss look like...what?
I take it to mean that disclosure is hiding a much greater loss than what they are reporting.
So basically, you're cooking your imagination looking for new ways to trash Obama? Gonna be sorely disappointed when GM pays off, aren't ya? Maybe you'll find renewed hope in the barrage balloon debacle.
Many companies can lose money and generate cash. Many more report a profit and burn cash. One would have to look at the balance sheet and the cash flow statement to understand where the cash came from. The non-gaap disclosure is concerning.
The best thing to do is to buy a Ford. They are the only American car company left.
It clearly states "second- and third-quarter figures ".
You would think most people would welcome good news, but to some good news = bad news.
And doesn't this reported loss fall within the 3rd quarter?
A $1.2 billion loss is not good news, considering the money they have received from the taxpayer and the "partners" they have screwed along the way.
GM made the disclosure - what exactly are you arguing about?
Quote:
Chief Financial Officer Ray Young cautioned that the second- and third-quarter figures don't comply with U.S. accounting standards and shouldn't be compared with previous earnings.
GM says it is re-valuing its assets and liabilities and should comply with accounting standards next year.
So...I guess due to the Fed having a stake in the company, that means they don't have to abide by normal accounting practices?
Still a giant net loss when you consider how much tax payer money was shoved down a rat-hole with Cash for Clunkers. What a disaster. Can we fire this president early??
Many companies can lose money and generate cash. Many more report a profit and burn cash. One would have to look at the balance sheet and the cash flow statement to understand where the cash came from. The non-gaap disclosure is concerning.
The best thing to do is to buy a Ford. They are the only American car company left.
You betcha!
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