GM $38.7 Billion Loss

GM lost $38.7 billion in 2007, almost exclusively due to a non-cash charge of $38.3 billion to write down deferred tax assets. Excluding special items GM essentially broke even (a $23 million loss). The company also said it was offering a new round of buyouts to all of its 74,000 US hourly workers who are represented by the United Auto Workers. Perhaps, they will all take the company up on it, and GM can shutter its unprofitable US operations and concentrate on better opportunities abroad.