GM’s success on the backs of the people and the union workers get profit sharing….

Woodradio 106.9 FM & 1300AM  02/16/12

“GM: Largest Profit Ever”

http://www.woodradio.com/cc-common/news/sections/newsarticle.html?feed=125494&article=9768625

General Motors earned its highest profit ever last year.

The 103-year-old company made $7.6 billion in 2011, up 62 percent from 2010. 

The company says union workers will get $7,000 profit-sharing checks.

GM lost $700 million before taxes in Europe, and lost $100 million in South America.  IHS Automotive analyst Mike Wall said beyond their foreign struggles, "they're protecting cash in case they run into any headwinds, there are some significant cost outlays in launching new products."

Many would say that the govt was right to bailout GM, however is the bailout continuing.

GM announced Wednesday that it had paid back the $8.1 billion in loans it received from the U.S. and Canadian governments. Of that, $6.7 billion went to the U.S. treasury.  

(http://www.foxnews.com/politics/2010/04/22/grassley-slams-gm-administration-loans-repaid-bailout-money/#ixzz1mZmYyEgM)

Yet the subsidies continue in promoting the Chevy Volt:

The total amount of state and federal subsidies for each Chevy Volt sold is as much as $256,824 per vehicle according to a fiscal analysis by Michigan's Mackinac Center for Public Policy. All for a car that only costs $39,828.

(http://jalopnik.com/5870507/report-every-chevy-volt-has-over-250000-in-government-subsidies)

Common Sense Review

Do not come out bragging about your success when you need others to succeed.   I am not impressed that GM has profited $7.6 billion dollars when you needed over $8.1 billion in taxpayer money to succeed. 

To add insult, the taxpayers had to pay for the UAW workers to keep their jobs and now each are getting $7,000 in profit sharing checks.  Gee, how about giving that $672 million back to the people, as a gesture of thanks for bailing out their butts….