Thursday, May 07, 2009

G.M. Posts a Quarterly Loss of $6 Billion -

While the accounting loss was lower, the rate at which GM was using cash is still amazingly fast.

G.M. Posts a Quarterly Loss of $6 Billion - "
"G.M. said it depleted $10.2 billion from its cash reserves in the quarter, or $113 million a day,"
Do you remember this post from last quarter when the firm lost $9 billion?

Well we can redo it now. I will base it off cash since I no longer trust accounting numbers. So based off of use of cash and assuming the quarter was based on January-March (I did not look since size is so large it really does not matter if I am off a day or two), the break down:

Per Day: $113.3 million
Per Hour: $4.72 million
Per Minute: $78,704
Per Second: $1,312

and remember that was AFTER any money came in!

To put in perspective, since I started writing this, if they are still hemorrhaging cash at the same rate, they have bled about $400,000. I better stop now!

No comments: