"GM Loses $4.3B, Needs $12.3B to Fund Its Pension"

And after spending $100 billion and essentially eliminating GM's debt this is what we have to show:

General Motors is out of bankruptcy but the troubled car giant still can't turn a profit. The company lost $4.3 billion in its first six months since emerging from bankruptcy. GM Chief Financial Officer Christopher P. Liddell is confident the road ahead will be smoother, saying "there's a chance of achieving profitability in 2010."

Let's hope so. The U.S. government owns 61% of the company.

GM is also struggling with its pension obligations; a large portion of GM's loss was due to a settlement with the United Workers Automobile Workers union over retiree health care liabilities.

According to a report by the Government Accountability Office, GM will need to add $12.3 billion into its pension fund by 2014. If GM and Chrysler (which is in the hole $2.6 billion) terminate their pensions, the Pension Benefit Guaranty Corporation – funded by, you know who - would then become responsible for as much as $14.5 billion in unfunded liabilities. However, if GM starts making money the company will be able to pay into the pension, the GAO reports. . . .