GM: Profitable for Most of the Last 20 Years
2:56 PM, Aug 18, 2011 • By JONATHAN V. LAST
Just to close the loop on President Obama’s claim that GM is “now making a profit for the first time in decades,” reader D.B. sent along GM profit-loss statements from 1990 to 2000. The tally: GM had mounting net losses in 1990, 1991, and 1992. In 1993 they turned things around, posting a net profit of 2.4B. They remained solidly in the black for the next 11 years, only falling back in the hole in 2005.
But you know, he’s only the president of the United States. We can’t expect him to know everything.