There are those in this society that create wealth, that turn nothing into something, that turn $1million into $100million. The fact that this is possible and that it happens it all lies at the heart of capitalism and explains why the system works so well.
G.M. said it lost $30.9 billion, or $53.32 a share, in 2008 and spent $19.2 billion of its cash reserves. The company lost $9.6 billion in the fourth quarter, when its global sales fell 26 percent.
In 2007, the company lost $43.3, a record, mostly due to a noncash accounting charge; it adjusted the figure higher by $4.6 billion Thursday.
G.M. has borrowed $13.4 billion from the government since December.
The system has a way to deal with firms like this: Death. Except now we the taxpayers are on board as investors. We the suckers.