General Motors reports $1.3 billion in 2nd quarter profits

General Motors recently reported second quarter revenues over $33 billion and profits totaling $1.3 billion. GM claims it now has made up for its previous $13 billion loss. What was not clear is whether the the $13 billion was made up by the recent $33 billion revenue stream, prior quarter profits, or by the $50 billion bailout by Democrats on Capitol Hill. Whatever the case may be, the federal government still owns GM. A positive light at the end of no GM’s not so dark tunnel is their likelihood of issuing a new public stock offering in the near future. Presumably, this means the recession is now over and the government’s 61% ownership will be purchased by private investors. The key word here is presumably not actuality.

Source: Industry Week, August 12, 2010.

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