Now We Know: The Bailouts Worked

Posted by | February 24, 2011 10:27 | Filed under: Top Stories

General Motors has announced its first annual profit since 2004.

GM says it earned $4.7 billion in 2010, compared with a loss of $21 billion the year before. Among the beneficiaries are employees — approximately 45,000 union workers are to receive bonuses of $4,300…

GM is rebounding with the economy. Its profits were made possible by a 2009 bankruptcy and government bailout. The restructuring allowed GM to slash debt, cut employment, reduce health expenses, rewrite union contracts, winnow out surplus factories and trim the cost of building a vehicle by several thousand dollars.

GM is trading in the $34 dollar range; at $50 taxpayers can be reimbursed.


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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.

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