Thanks Fed! After Wasting $14 Billion On Stock Buybacks, GM Commences Wasting Workers & Plants

But saving money is going to cost a ton: $3.0 billion to $3.8 billion, GM said. This includes “up to $1.8 billion” asset write-downs and pension charges; and “up to $2.0 billion in employee-related and other cash-based expenses.”

This money has to be borrowed, obviously: It “expects to fund the restructuring costs through a new credit facility,” GM said. The money has to be borrowed because GM blew, wasted, and annihilated $13.9 billion in cash on share buybacks over the past four years (data via YCharts):


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