Market Ground - Buy, Sell, Trade

marketground.com · Joined: 13 Oct 2006 Posts: 247

Despite attractive commercials that you see on TV every second, and labels like GM commitment, GM good wrench etc, the largest auto manufacturer in the United States is actually getting closer to declaring bankruptcy.

Lets read to-day's CNN (March 16, 2006: 7:27 PM EST):

"GM revises '05 loss $2 billion higher
The automaker says actual losses were $10.6 billion; company also says it will delay its annual report due to an accounting error.

General Motors Corp. on Thursday revised its loss for 2005 to $10.6 billion, $2 billion more than initially reported, due to charges associated with its restructuring, the bankruptcy of its former subsidiary Delphi Corp. and its finance arm GMAC.