GM is our national money pit. The distressed automaker, which may be just a few days away from bankruptcy, just posted a $9 billion loss in Q4. Oh, that included special items. On a normal operating basis the loss was just $6 billion. That was $1.5 billion worse than analyts had been looking for Cash on hand is down to about $14 billion, and as Phil Lebeau noted, that’s just about $2 billion higher than the “bare minimum” it takes to run the company.
For all of 2008, the company lost about $31 billion.
So there you go. GM management is in Washington making its case for $16.6 billion, its CFO is on CNBC to talk to investors, and perhaps its social media outreach guy will show up here and tell us that our cynicism about the future of this company is misguided.
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