There's not much ROI in random web2.0 (does anyone still use that term) startup bashing, still TechCrunch's "Squidoo: Seth Godin’s Purple Albatross?" was a top read today. Oh yeah, TechCrunch still uses the term web2.0. As we said the first time we say Squidoo, the site's "lenses" look like those parked pages full of ads used by domain name squatters.
Perhaps you saw that GM magically turned a profit last quarter. Crossing Wall Street, as usual, gets it right:
Here I thought GM was losing money. I mean, the company did say it lost $323 million for the first quarter. I usually don’t take those sorts of announcements lightly.
But the great thing about GM is that if you don’t like a number on their income statement, you’re perfectly free to choose another. Go ahead. In fact you can just fill in your own! That’s exactly what GM did, and they settled on one of them “positive” numbers.
Eighteen days after reporting a loss, GM now says that it really make $445 million for the first quarter. Why the change? Accounting, silly.
Clearly, the profit bears no reflection to any sort of economic reality -- the company isn't actually a profit-producing machine.
Say it ain't so, Mr. Teleputer is a nut.