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During the reign of company President Katsuaki Watanabe, Toyota became the number one automaker in the world, along with amassing $52 billion in cash and marketable securities. That sounds like one of the most amazing runs in the history of the automotive industry, but it's more than a little disappointing to company scion Shoichiro Toyoda.

The good news is that GM posted a profit of $62 million, which is the company's second consecutive quarterly profit. The bad news is that the $62 million represents a 90% decline in profits from the first quarter of 2006, which were $602 million. There is a silver lining: the drop is due to losses at GMAC Financial Services, and not the automotive business. In fact, automotive operations improved and GM had record vehicle sales worldwide.

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