"It's as good as dead Jim. It's lost it's will to live."
Posted on 03/05/2009 7:52:58 AM PST by reader25
General Motors on Thursday said that its auditors had expressed “substantial doubt” about its ability to continue as a going concern, and that it might be forced to file for bankruptcy.
America’s largest carmaker made the statement in a 10-K form filed to the Securities and Exchange Commission, under a section on “risks related to us and our automotive business.”
GM said the opinion from Deloitte & Touche, the auditing firm, “states that our recurring losses from operations, stockholders’ deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern.”
The carmaker said that its future depended on its ability to execute a viability plan presented to the US Treasury last month as a condition of its $13.4bn bail-out loan.
(Excerpt) Read more at ft.com ...
One man gathers what another man spills. Let em die.
Dont worry.
We gave them money back in December. It’s all cool.
Is this GM positioning itself to be “too big to fail?”
“Bail us out, or you’ll be sor-ry.”
No news here. The government can make any economic assumptions it wants to in order to keep the ball rolling. The UAW is a very powerful constituency. Further, if it proves impractical to keep the ball rolling outside of bankruptcy, I would venture that a politically biased judge could be found who who might give the UAW a better deal than other creditors.
So, will someone please stand up and admit the stimulus plan did NOT work, and our tax payer money we now owe to our grandchildren was poorly spent! Please will someone admit that the system is broken and everything Washington DC and it’s duly elected representatives are still doing the same ole thing, and CHANGE has not come to the Hub of the Nation.
So how many is this for Nardelli? He screwed Home Depot into the ground and they had to give him gazillions of $$$ to get rid of him so he goes to GM and does what? How much will they give him now to get the hell out - and does he have an acct at UBS? Nice work if you can get it...
How much and whom did the audit cost?
We’ve had plenty of CEOs come forth and state their capital was fine and strong. In most cases they were lying sacks of excrement.
When a CEO comes forth and says his company probably won’t be able to survive the next 60, 90 days....that’s kind of a different indication.
Obie will throw another $30 billion their way, ought to hold them for another month or so.
"It's as good as dead Jim. It's lost it's will to live."
>So, will someone please stand up and admit the stimulus plan did NOT work, <
Too early to tell.
>and our tax payer money we now owe to our grandchildren was poorly spent!<
Probably correct on 75% or so of it, yes.
>Please will someone admit that the system is broken and everything Washington DC and it’s duly elected representatives are still doing the same ole thing, <
YES!
>and CHANGE has not come to the Hub of the Nation.<
True. While my dollars are soon to leave me, I will have the change rattlin in my pocket! lol
The unions will make concessions to avoid bankruptcy. Oh I forgot, they’d rather die than concede.
The sooner the better, and take the UAW with you!
“How much and whom did the audit cost?”
I was assuming it was their annual audit. Was this a special one instead?
GM soon to be the Airbus of the USA..............
Soory GM!....taxpayers are all taxed out! Bye Bye....
Nardelli went to Chrysler.
Possible bankruptcy for GM? There’s a surprise.
You can’t sell cars if nobody has any money to buy them with. The folks who funded the initial bailout seem to have missed this essential flaw in the GM business plan.
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