NEW YORK (TheStreet) -- I want to like General Motors
(GM). I really do.
I believe in its leadership from CEO Mary Barra -- after all, she walked into the situation, she didn't create it -- and the stock has an attractive valuation and a dividend yield north of 3.5%.
But there are just too many problems. And each day, it seemingly gets worse and worse. Just last week, I wrote Seriously, General Motors - These Recalls Are a Disgrace. This was after the company announced a whopping 2.7 million vehicle recall.
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At this point, detailing the exact reasoning for the recall doesn't really matter. With it, the automaker surpassed 11 million vehicles in its recall efforts this year. And we're only in May.
The press release also said the company expects to take a $200 million charge in relations to the recall, adding to the $2 billion in first-quarter charges it took, ($1.3 billion of which is related to recall costs).
But don't worry. It gets better.
Only five days after announcing the 2.7 million vehicle recall, General Motors upped the ante
, with another 2.42 million vehicle recall, announced on Tuesday.
The estimated second-quarter charges doubled, to $400 million, as the total recall count climbed to 13.6 million vehicles.
Honestly, for those who are still shareholders, I have no idea how you haven't ripped your hair out. Kudos... I guess.
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