DETROIT (AP) — General Motors earned its largest profit ever in 2011, two years after it nearly collapsed.
Strong sales in the U.S. and China helped the carmaker turn a profit of $7.6 billion, beating its old record of $6.7 billion in 1997 during the pickup and SUV boom.
GM is a vastly different company than it was back then. It’s smaller, has less debt and its contract with the United Auto Workers is less costly. But it took a $49.5 billion government bailout and bankruptcy protection in 2009 to cut its bloated costs. The company earned huge a profit even though U.S. sales of cars and trucks were near an historic low of 12.8 million.
In 2012, GM expects to increase its revenue as global sales grow and it charges more for models.
GM said 47,500 blue-collar workers in the U.S. will get $7,000 profit-sharing checks in March. The checks are based on the company’s North American performance and are a record for the company.
GM pays back $6.7B loan of $52B bail out and claims all debts paid in full, GM pays no federal income taxes based on special loss carryover rule, GM pays out $7,000 bonuses to union workers where unions get a bigger chunk of taxpayers dollars. GM the gift that keeps on giving.. Better than Warren Buffets secretary.