#loss

GM wants the Treasury to sell its GM shares at a huge loss, says the Wall Street Journal. Nothing doing, says the Department of the Treasury. It does not appear to need the cash (it can have it printed if needed) and is holding out for a slightly smaller loss.

Let's carry out the five year plan in 4 years! Picture courtesy nhikmetran at flickr.com

Today is the day. Today, Sergio Marchionne will present his 5 year plan for Fiat. 5 year plans are usually reserved for a reunion of unreformed communist party elders. But Fiat respects traditional values.

In his opening remarks, Marchionne took a shot at the mongers of gloom and doom. He had two words for analyst reports that dissed Chrysler’s operating profits: “Boulevard press.” This is Euro-slang for tabloids, or the business section of the National Enquirer.

“As we all know,” said Sergio, “in business it is ultimately only facts that prevail.”

Then, the facts were presented.

2009 was a great year for China’s auto makers with a record growth of 45 percent that propelled the market to 13.6 million units and gave it unassailable #1 status. It wasn’t all roses for everybody. For China’s Brilliance, joint venture partner of BMW, 2009 was downright rotten.