Thursday, February 24, 2011

The Bailout Worked

GM posts its first profit since 2004, rewards workers with some smart profit sharing:
General Motors, which nearly collapsed from the weight of its debts two years ago before reorganizing in a government-sponsored bankruptcy, said Thursday that it earned $4.7 billion in 2010, the most in more than a decade.

It was the first profitable year since 2004 for G.M., which became publicly traded in November, ending a streak of losses totaling about $90 billion.

In addition, G.M. said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most in the company’s history.

Hopefully they are running their business smarter all the way up and down the line.

Oh, and thank you, President Obama.

1 comment:

Anonymous said...

Collectivism works!!

Workers of the world unite!!!