Thursday, February 24, 2011

Proof of success of Government bailouts

Union workers get profit-sharing checks as G.M. posts first annual profit since 2004

from Daily Kos by rss@dailykos.com (Jed Lewison)NY Times:

DETROIT - General Motors, which nearly collapsed from the weight of its debts two years ago before reorganizing in a government-sponsored bankruptcy, said Thursday that it earned $4.7 billion in 2010, the most in more than a decade.

It was the first profitable year since 2004 for G.M., which became publicly traded in November, ending a streak of losses totaling about $90 billion.

In addition, G.M. said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most in the company's history.

Guess who said this sort of turn around would be impossible? That's right, none other than John Boehner, in June of 2009

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