HOUSTON (AP) — Exxon Mobil reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results fell well short of Wall Street expectations and shares fell in premarket trading.

The world’s largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Excluding an after-tax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.

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ExxonMobil Breaks Profit Record

DETROIT (AP) - General Motors Corp. said Friday its losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan.

The loss of $27.33 per share is the third-worst quarterly loss in the automaker’s history. In the same period a year earlier, GM recorded a net profit of $891 million, or $1.56 per share.

Revenue for the April-June period was $38.2 billion, down $8.5 billion from a year earlier.

The company said its loss included $9.1 billion in one-time charges, including $3.3 billion for the buyouts of 19,000 U.S. hourly workers, most of whom left at the end of June, as well as $2.8 billion in liabilities related to Delphi Corp. (DPHIQ), its former parts division.

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GM posts $15.5 billion 2nd-quarter loss

Maybe some of you financial *whiz kids* can explain the difference between profit, loss, margin, gross and net earnings and all that to your own satisfaction. I can’t, and won’t even attempt to any more.

But imagine this, how well would things be going if Bush had been a supporter of GM and as involved there as he is with the big oil companies?