- Posted May 8, 2011 by
This iReport is part of an assignment:
U.S. government is 'open for business'
GM highest profits in a decade. Helped by demand of fuel efficient cars.
The bailout has helped this company! Good job!
From the article
GM's quarterly net income is more than triple the $865 million it earned in the first quarter of last year. It's also a good sign for the U.S. government, which is hoping the profit boosts GM's stock price so it can sell its stake in the company and recoup more of the $50 billion taxpayer bailout that saved GM two years ago.
GM's first-quarter performance continues its remarkable turnaround after emerging from bankruptcy protection in 2009. The company lost more than $80 billion in the five years before the bankruptcy.