Tons of Hope in GM’s Terrific Loss
By Jake Simpson The latest financial news from the beleaguered auto industry appears grim at first glance. Hampered by a $2.6 billion payment to its union, General Motors reported a $4.3 billion loss in the second half of 2009. Though…
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By Jake Simpson
The latest financial news from the beleaguered auto industry appears grim at first glance. Hampered by a $2.6 billion payment to its union, General Motors reported a $4.3 billion loss in the second half of 2009. Though CFO Chris Liddell noted the loss included a large one-time payment, he admitted that right now GM is deep in the red.
Despite the multibillion dollar loss, business bloggers agreed with Liddell’s claim that the company had “a chance of achieving profitably” in 2010. Continuing a trend of optimism towards American automakers (while Toyota continues to take heat from the government), many leading financial blogs viewed GM’s filings through a hopeful lens.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
