GM will record a $39 billion charge in its third-quarter results...

GM will record a $39 billion charge in its third-quarter results to reflect the establishment of a valuation allowance against deferred tax assets.
GM's third-quarter report, due Wednesday morning, was already expected to be weak amid troubles at GMAC's mortgage unit and bleak sales in North America, but the charge will plunge the automaker's results far deeper in the red than Wall Street expected.

GM said accounting rules require the charge because of a three-year cumulative adjusted loss for its operations in the U.S., Canada and Germany, as well as ongoing weakness at ResCap, the mortgage firm owned by GMAC. GM still holds a 49% stake in GMAC