Thursday, February 26, 2009

BREAKING NEWS: GM reports 2008 loss of $16.8 billion; bailout becomes riskier for taxpayers

General Motors reported a 2008 loss of $16.8 billion and a fourth quarter loss of $2 billion more than expected -- increasing fears that further government intervention with the automaker will only mean much more taxpayer loss.

Money lent to the automaker last year was wiped out in the fourth quarter.

President Obama in his State of the Union address said that GM and all the nation's automakers would not be abandoned by the government.

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