Things didn’t get any better for General Motors in the first quarter of the year, according to results released by the company today.
It posted a $6 billion first-quarter loss and spent $10.2 billion more cash than it took in during the first three months of the year.
How much is the $10.2 billion in cash the company burned in the quarter? It’s $472,222 every hour of every day since January 1, 2009. It’s $13,298 for every unsold GM car on dealer lots today (767,000). It’s $60,000 for every car GM sold last month (170,000) It’s $217,021 for every job the company proposed to eliminate (47,000) in the plan rejected by the Obama administration.
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started several blogs, and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories.