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Wednesday, July 26, 2006

GM Posts 2nd Quarter Loss of $3.2 Billion

General Motors Corp. reported a net loss of $3.2 billion for the second quarter, due to special charges related to its employee buyout program and other aspects of its restructuring plan.

The loss of $5.62 per share in the April-June period compared with a loss of $987 million, or $1.75 per share, for the same period last year.

The world's largest automaker is in deep trouble. I wonder how much longer CEO Rick Wagoner can stay in charge given that Kirk Kerkorian is working to get Carlos Ghosn to take over General Motors as well by merging Nissan/Renault with GM.


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