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Old November 7th, 2007, 06:40 AM   #1
clarkstoncracker
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Default GM had a killer third quarter!

They only lost 39 BILLION dollars.
:tonka:
$38,000,000,000.00 / 90 days = $422,222,222 per day in losses
$422,222,222 / 24 = $17,592,592 per hour
$17,592,592 / 60 = $293,209.00 minute

$4886.00 in losses per second.
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Old November 7th, 2007, 06:41 AM   #2
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For sho'
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Old November 7th, 2007, 06:48 AM   #3
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Not everybody can have Brett Favre...
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Old November 7th, 2007, 07:45 AM   #4
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I'm confused, late last week I heard that they were going to post a 300 million dollar profit when overseas was factored in.

It was Fords billion dollar loss that they were talking about.
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Old November 7th, 2007, 07:49 AM   #5
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Quote:
Originally Posted by bj house View Post
I'm confused, late last week I heard that they were going to post a 300 million dollar profit when overseas was factored in.

It was Fords billion dollar loss that they were talking about.
Got me. I know I had a gabillion island trader alerts about it.

http://biz.yahoo.com/ap/071107/earns_gm.html?.v=6
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Old November 7th, 2007, 07:50 AM   #6
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Old November 7th, 2007, 08:04 AM   #7
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Ah I had to read through the whole article until I got to this,

He said GM's automotive business ran at about a break-even level, posting adjusted net income of $122 million for the quarter due largely to profits at its Asia Pacific and Latin America and Middle East regions.

At least we know that they can make cars and make money on making cars.
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Old November 7th, 2007, 08:20 AM   #8
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I am cornfused on the tax credit thingamabob.
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Old November 7th, 2007, 09:05 AM   #9
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Technically, GM did not lose anything. This is the result of a writedown of the value of accrued tax credits that resulted from actually losing money over the past several years. They kept these tax credits on the books and due to a change in accounting rules, they had to wipe the value of the credits off their books resulting in what they call a non-cash charge. This has nothing to do with their operations or their current profitability. It would be the same as writing down the value of something in their inventory that they were keeping to use in the future that suddenly became worthless. It is somewhat like rolling over your tax credit for losses on the sale of stock. Basically, the FASB told GM that those rollovers are now worthless and had to come off the books. It isn't an easy concept to get your head around and I doubt many people will get it. I barely grasp it and I've had master's level accounting classes where they taught us this crap.
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Old November 7th, 2007, 09:12 AM   #10
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Quote:
Originally Posted by 84Scrambler View Post
Technically, GM did not lose anything. This is the result of a writedown of the value of accrued tax credits that resulted from actually losing money over the past several years. They kept these tax credits on the books and due to a change in accounting rules, they had to wipe the value of the credits off their books resulting in what they call a non-cash charge. This has nothing to do with their operations or their current profitability. It would be the same as writing down the value of something in their inventory that they were keeping to use in the future that suddenly became worthless. It is somewhat like rolling over your tax credit for losses on the sale of stock. Basically, the FASB told GM that those rollovers are now worthless and had to come off the books. It isn't an easy concept to get your head around and I doubt many people will get it. I barely grasp it and I've had master's level accounting classes where they taught us this crap.

So its almost like writing off a bunch of investment losses ?
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Old November 7th, 2007, 09:27 AM   #11
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Is this the american revolution they have been talking about?
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Old November 7th, 2007, 09:31 AM   #12
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Quote:
Originally Posted by clarkstoncracker View Post
So its almost like writing off a bunch of investment losses ?
Not exactly, but yes mostly. In a nutshell, the FASB put a time limit on how long you could hold those tax credits. The ones that were dated beyond that deadline became worthless and their value was erased from the balance sheet. It is a non-operating loss.
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Old November 7th, 2007, 09:32 AM   #13
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holy crap, that is terrible
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