GM posts record operating profits from cost-cutting, corporate restructuring
As the auto executives, the media and the United Auto Workers insist that autoworkers agree to another historic attack in new four-year contracts, General Motors on Wednesday announced a 40 percent increase in third quarter profits.
Beating Wall Street expectations, GM said it made $1.36 billion in net income in the third quarter, chiefly through record high profit margins in North America. The world’s third largest automaker reported a post-bankruptcy record of $3.1 billion in operating profits. This excludes debt servicing costs and a $1.5 billion deduction for legal settlements stemming from its cover-up of deadly ignition switch defects.
Ford and Fiat Chrysler (FCA) are expected to announce their profits for the third quarter sometime next week.
The results came as 40,000 FCA workers were voting on a second sellout deal being pushed by the UAW. The aim of the agreement is to create a permanently lower wage in the auto industry once older, higher paid workers are driven out through layoffs, speed up and forced retirements. The UAW essentially repackaged the deal after workers voted it down by a two-to-one margin earlier this month.
Read more: https://www.wsws.org/en/articles/2015/10/22/gmpr-o22.html
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Surely you jest. Have you been getting into my catnip? 
