GM's profits plummet
General Motors' profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America.America's largest automaker made $1.5bn in the second quarter of 2012, compared with $2.5bn for the same period last year. Revenue fell to $37.6bn from $39.4bn in the second quarter of 2011. The results exceeded analysts' estimates, but further underlined Europe's drag on the US economy. . .Meanwhile the Federal government is buying a lot of GM cars.
Budgets may be tight, but the federal government has increased its fleet of cars to 449,000 vehicles — or nearly one for every seven federal employees — according to the Government Accountability Office.The Department of Veterans Affairs saw the biggest jump, adding 49 percent more vehicles between 2005 and 2011 — or even more than the Homeland Security Department, which was new in 2005 and has steadily grown since, including doubling the size of the U.S. Border Patrol. . . .