Included in these 39 Largest Michigan Corps are 14 in the Auto Industry, 1 sort of in between the Auto and Finance Industries (Ally Financial, previously GMAC), and 24 in Non-Auto Sectors.
The 14 Michigan Corps in the Auto Industry generated Audited US GAAP Total After-tax Net Income of $34 bil in 2011, which was an incredibly massive $103 bil profit improvement from the Total After-tax Net Loss of $69 bil of these same 14 companies reported three years earlier in 2008, the last year of the Bush/Cheney Presidential term.
Let me lay out the recent profit and loss history of these 14 Michigan Corps in the Auto Industry.
In deriving After-tax Net Income or Net Loss, I excluded any large Reorganization Gains.
In 2007, the Total After-tax Loss of these 14 Michigan Auto Industry firms was a massive $52 bil. As bad as that was, it got even worse in 2008, when this Total After-tax Loss grew to $69 bil. And 13 of these 14 Michigan Auto Industry Corps registered losses in 2008.
And coupled with the horrible financial meltdown and US housing crisis, I think it is safe to say that the State of Michigan was experiencing a Depression in late 2008. To illustrate how dominant the Auto Industry is in Michigan, the Total Profits of these 14 Michigan Auto Industry companies in the most recent year 2011 comprised a massive 84% of the Total Profits of all 39 of these Largest Michigan companies combined.
Enter President Obama, and both the US House and the US Senate controlled by Democrats.
The Obama Administration worked feverishly on both the Financial and Auto Industries in 2009. The end result is that these 14 Michigan Auto Industry Corps had their Total After-tax Loss of $69.0 bil in 2008 reduced by an incredible $38.2 bil to $30.8 bil in 2009.
Then in near miraculous fashion, this Total After-tax Loss of $30.8 bil in 2009 of these 14 Michigan Auto Industry Corps completely reversed course in 2010, with a Total After-tax Profit of $15.6 bil in 2010, for another incredibly off-the-charts profit improvement of $46.4 bil just in 2010.
But that's not all. In 2011, the Total After-tax Profit of these 14 Michigan Auto Industry Corps increased by another $18.4 bil to $33.9 bil in 2011.
You add all of the first three years of the Obama Administration together and you get a Total After-tax Profit Improvement of $103 bil for these 14 Auto Industry companies headquartered in just Michigan. And there were also much higher earnings in the Auto Industry companies headquartered in many other US States. And in Ohio, one in eight jobs are at least somewhat tied to the Auto Industry.
So if the question to be answered is whether, in the aggregate, these 14 Largest Michigan Auto Industry Corps are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by $103 bil better, as their audited earnings performance is measured by the prestigious US Accounting Profession.
And yet there are still so many people who disagree with the Obama Administration's financial rescue of the Auto Industry. Just to point out one, Tea Party favorite Richard Mourdock is trying to replace the irreplaceable Dick Lugar as a US Senator from Indiana. Mourdock went so far as to sue the Obama Administration for bailing out the Auto Industry. I'm not kidding.
And the 24 Michigan Corps in Non-Auto Sectors also have done just dandy during the Obama Administration. Their Total Audited After-tax Net Income in 2011 was $6.6 bil, an increase of an amazing 631% from the $0.9 bil earned by these same 24 companies three years earlier in 2008, the last year of the Bush/Cheney Presidential term.
So if the question to be answered is whether, in the aggregate, these 24 Largest Michigan Corps in Non-Auto Sectors are better off now than they were in the last year of the Bush/Cheney Administration, the answer is clearly yes, and by more than six times better, as their audited earnings performance is measured by the prestigious US Accounting Profession.
Below here is the Audited under US GAAP After-tax Net Income or Net Loss from Continuing Operations for each of these 39 Largest Michigan Corps for each of the most recent five fiscal years. The overwhelming majority of these 39 Michigan Corporations have a December Fiscal Year End (FYE). The first section below shows the earnings and loss information related to the 14 Michigan Auto Industry Corps. The very last section below shows such earnings and loss information related to the 24 Michigan Non-Auto Industry Corps.
| FYE | FYE | FYE | FYE | FYE | ||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||
| Reported | Reported | Reported | Reported | Reported | ||
| Audited | Audited | Audited | Audited | Audited | ||
| After-Tax | After-Tax | After-Tax | After-Tax | After-Tax | ||
| Net Income | Net Income | Net Income | Net Income | Net Income | ||
| Michigan | (Loss) | (Loss) | (Loss) | (Loss) | (Loss) | |
| HQs | mil $s | mil $s | mil $s | mil $s | mil $s | |
| Michigan Largest Corps | ||||||
| Auto Industry | ||||||
| Ford Motor | Dearborn | 20,222 | 6,557 | 2,712 | (14,833) | (2,524) |
| General Motors | Detroit | 9,287 | 6,503 | (22,938) | (31,051) | (42,685) |
| Delphi Automotive | Troy | 1,223 | 703 | (822) | (1,984) | (1,855) |
| TRW Automotive | Livonia | 1,195 | 875 | 73 | (764) | 109 |
| Borg Warner | Auburn Hills | 571 | 396 | 36 | (19) | 317 |
| Lear | Southfield | 570 | 461 | (648) | (664) | 267 |
| Chrysler | Auburn Hills | 183 | (652) | (8,210) | (16,844) | (5,041) |
| Penske Automotive | Bloomfield Hills | 176 | 125 | 80 | (436) | 116 |
| Gentex | Zeeland | 165 | 138 | 65 | 62 | 122 |
| Visteon | Van Buren Township | 154 | 168 | 184 | (647) | (305) |
| American Axle | Detroit | 137 | 115 | (253) | (1,225) | 37 |
| Cooper-Standard Holdings | Novi | 77 | 18 | (356) | (123) | (150) |
| Meritor | Troy | 65 | 14 | (729) | (40) | (62) |
| Federal Mogul | Southfield | (83) | 167 | (33) | (465) | (309) |
| Total all 14 Auto Industry Largest Corps | 33,942 | 15,588 | (30,839) | (69,033) | (51,963) | |
| Annual Increase (Decrease) for Auto Industry | ||||||
| …..Amount | 18,354 | 46,427 | 38,194 | (17,070) | ||
| …..Percentage | 118% | 151% | 55% | (33)% | ||
| Three Year Increase (2008-2011) for Auto Industry Under Obama | ||||||
| …..Amount | 102,975 | |||||
| …..Percentage | 149% | |||||
| Ally Financial | Detroit | (112) | 986 | (6,983) | 4,863 | (1,950) |
| Non-Auto Sectors | ||||||
| Dow Chemical | Midland | 2,784 | 2,321 | 566 | 626 | 2,962 |
| Stryker | Kalamazoo | 1,345 | 1,273 | 1,107 | 1,148 | 987 |
| Kellogg | Battle Creek | 1,229 | 1,240 | 1,208 | 1,146 | 1,102 |
| Whirlpool | Benton Harbor | 408 | 650 | 354 | 447 | 669 |
| Perrigo | Allegan | 393 | 341 | 224 | 143 | 139 |
| Credit Acceptance | Southfield | 188 | 170 | 146 | 67 | 54 |
| Taubman Centers | Bloomfield Hills | 141 | 123 | 104 | 7 | 127 |
| Wolverwine WW | Rockford | 123 | 104 | 62 | 96 | 93 |
| Syntel | Troy | 123 | 114 | 118 | 87 | 63 |
| Valassis Communications | Livonia | 113 | 385 | 67 | (210) | 52 |
| Dominos Pizza | Ann Arbor | 105 | 88 | 80 | 54 | 38 |
| LA-Z-BOY | Monroe | 89 | 17 | 31 | (122) | (14) |
| Con-way | Ann Arbor | 88 | 4 | (108) | 65 | 154 |
| Compuware | Detroit | 88 | 107 | 141 | 140 | 134 |
| Herman Miller | Zeeland | 75 | 71 | 28 | 68 | 152 |
| Kelly Services | Troy | 65 | 26 | (105) | (82) | 54 |
| Steelcase | Grand Rapids | 57 | 20 | (14) | (12) | 133 |
| Trimas | Bloomfield Hills | 51 | 39 | 12 | (110) | (165) |
| X Rite | Grand Rapids | 49 | 4 | (25) | (118) | (21) |
| Citizens Republic Bancorp | Flint | 7 | (289) | (506) | (395) | 99 |
| Capitol Bancorp | Lansing | (58) | (264) | (254) | (60) | 4 |
| Flagstar Bancorp | Troy | (182) | (375) | (497) | (275) | (39) |
| PulteGroup | Bloomfield Hills | (210) | (1,097) | (1,183) | (1,473) | (2,274) |
| Masco | Taylor | (423) | (981) | (92) | (327) | 539 |
| Total all 24 Non-Auto Corps | 6,648 | 4,091 | 1,464 | 910 | 5,042 | |
| Annual Increase (Decrease) for Non-Auto Sectors | ||||||
| …..Amount | 2,557 | 2,627 | 554 | (4,132) | ||
| …..Percentage | 63% | 179% | 61% | -82% | ||
| Three Year Increase (2008-2011) for Non-Auto Sectors Under Obama | ||||||
| …..Amount | 5,738 | |||||
| …..Percentage | 631% | |||||
