US: $37.4bn charge clobbers GM despite auto rise
General Motors improved the numbers generated by its automotive operations in the third quarter but was clobbered down to a $US39bn net loss by special charges of $37.4bn related largely to a previously announced valuation allowance against its deferred tax assets, as well as lower reported GMAC Financial Services income, down $630m year-on-year as a result of continued pressures in the mortgage industry.
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