WSJ: GM Auditors Raise Doubts on Auto Maker's Viability

They just need to go through a structured bankruptcy and get it over with.

 

GM Statement Regarding Auditor’s ‘Going Concern’ Opinion Included in the Company’s 2008 10-K Filing

Auditors are required to assess whether there is substantial doubt about an entity's ability to continue as a going concern over the next year. Given GM's public statements on our liquidity position dating back to the end of 2008 and more fully disclosed in our February 17 viability plan submission, the opinion rendered in our 10-K was not unexpected.

That opinion is dependent on a number of factors including our ability to execute our viability plan, compliance with our U.S. Treasury loans, volume recovery of the industry, and access to additional funding from the U.S. and certain other governments. Once global automotive sales recover and GM’s restructuring actions generate the anticipated savings and benefits, the company is expected to again be able to fund its own operating requirements.

The auditor’s opinion has no impact on the aggressive actions we are taking to restructure our business for long-term viability.

 

No sh--, Sherlock. Too bad the warning wasn't issued a few years back. How long before GM's common stock replaces toilet paper in the rest rooms?

 

... oops -

Somebody must have snuck in, snapped some pictures they weren't supposed to snap. GM's Camaros collecting dust, awaiting Government bailout funds sufficient to ship them to market.

Your tax dollars at work:

http://blog.cardomain.com/2009/03/0...es&utm_medium=link&utm_campaign=hp-exclusives

GM must have accrued hundreds of millions in cost overruns, jumping the gun on Camaros they cannot afford to ship, to market.

I suppose GM's best and brightest on Madison Avenue by now have ratrionalized a clever marketing angle sufficient to explain to the policy community, how millions spent in tax revenue are about to be usurped, shipping to market 5 years too late, the most fuel-efficient gas-guzzler Camaro ever made?

Silver, Yellow, Red or Black?


Regards,
~ S a m u e l


| '04 Prius | '07 Outback |
| '88 MR2 Supercharged |


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Volkswagon may end up BUYING GM assets when they finally go into bankruptcy !

AFP: VW reveals race to overtake GM, Toyota

How cool would it be to by a VW Volt ... a company that's actually making billions rather than bleeding billions!
Even better, VW can pull out the EV1 tooling, and do the right thing.

 

Oh, that would be just peachy. A company with an even worse reliability history than GM's pathetic efforts should produce some cars that will be something to behold. I wouldn't touch a vehicle with a new or different technology from either of these two manufactures with a ten foot pole.