Bad roads for General Motors
The severity of Detroit's auto depression was dramatically underscored last week. Mighty General Motors, which usually slides past industry slumps like a Cadillac Eldorado cruising around a minor bend in the road, reported a stunning second-quarter loss of $412 million. Overall this year, the company is expected to lose money for the first time since 1921.
The bad news looked even worse to analysts who dug into the firm's finances. Discounting tax credits, GM's operating deficit was $790 million, which is far and away the largest loss ever suffered on continuing operations by an American company in...
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