Friday, February 25, 2011

Even More of That Great GM Feeling

Things are really looking up at General Motors.

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.

Recently the company announced that it would share the profits with its employees, giving out bonuses that average over $4,000 each.

Remember, now; this was the company that the Republicans said should be allowed to fail and that the government bailout would never work, or if it did it, the company would never be as profitable as it once was. These were the same people that said that the war in Iraq would pay for itself with oil revenues and that Wall Street didn’t need any regulation; they were fine on their own. Ironically, the GOP is proud to be the party of business and corporate intelligence.