Surprise, surprise. On the same day General Motors announces an all-encompassing factory worker buyout initiative, it posts the company’s worst ever year on record, getting hit with a $38.7 billion loss in 2007.

GM attributes the loss to a $38.3 billion accounting charge for how it calculated its tax assets, according to the Detroit Free Press.

However, last year, GM posted its second best year for worldwide sales, ever. Its sales increased 3 percent to 9.4 million units – almost 60 percent of those sales were outside the U.S.

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