From this page

This was in 2006...


Life would be great if we could pull the same tricks with our finances that GM has pulled off with theirs. Earlier this month the ailing Detroit giant reported a loss of $323 million, a substantial loss, but still a significant improvement over the same quarter the previous year. They significantly changed their financial fortunes yesterday, though, by announcing that they have retracted that loss and instead posted a $445 million profit.

The extra $778 million didn’t appear as the result of a sudden rush of sales or anything like that. Instead, it came about because SEC regulators, after conversations with GM, have allowed a different interpretation of the settlement they had to make with retired workers over health care costs. The SEC had previously required GM to report the cost entirely in the first quarter. That never made a lot of sense, and it has been remedied. Instead, the charge will be spread out over 7 years, starting in the third quarter of this year, which is when the settlement will come into effect.


2005 Pay scale & other bonuses for GM top dogs Do the math & you'll see where some of the "LOSE" is at.


and I love this part from this page During this week’s bargaining convention, the U.A.W.’s president, Ron Gettelfinger, repeatedly criticized executives at the Delphi Corporation, the auto supplier that declared bankruptcy in 2005, for collecting bonuses while trying to cut hourly workers’ pay and benefits. Delphi says the $37 million in incentive pay recently approved by a bankruptcy judge is necessary to keep top executives from leaving.


Personally I blame the GM big wigs for all of their troubles, but also blame some of the workers for the crappy job they do putting together some of thier cars/trucks.