From the New York Times:
General Motors said Thursday that it earned $1.3 billion in the second quarter, citing sustained progress in rebuilding operations after emerging from its government-sponsored bankruptcy last year.
The quarterly profit marked G.M.’s strongest financial performance since 2004, and set the stage for the automaker to file for an initial public offering, possible as soon as Friday. It was G.M.’s second consecutive quarterly profit.
That’s up from over $800b in the first quarter. More evidence that the economy is getting worse:
The second-quarter profit was driven by strong results in G.M.’s core North American business, which had lost money for several years leading up to its bankruptcy filing.
GM has started to talk about doing an IPO this year which, if successful, would end the federal government’s 60% ownership stake in the company. It is expected to be the largest IPO in American stock market history. Bigger than Visa… bigger than (*gasp*) Google!
And it just might happen before the November elections.
I blame Obama.
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