BREAKING NEWS: GM auditors say there is 'substantial doubt' about survival

[Digger]

GM auditors doubt automaker’s viability - Economy in Turmoil - msnbc.com

DETROIT - General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations.

The company revealed the concerns, raised by the accounting firm Deloitte & Touche LLP, in its annual report filed on Thursday.


GM has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years. It is seeking a total of $30 billion from the government. During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008.

 

[SlowNeasy]

whooda thunk dat? (TRL made me do it)

 

[Mopardh9]

They (GM) should never of got all the bailout money in the first place, they should filed for bakruptcy a while ago. Restructuring should have been already underway, divisions cut, and all the fat at the top including Wagner cut too.

 

[Bucky Badger]

They (GM) should never of got all the bailout money in the first place, they should filed for bakruptcy a while ago. Restructuring should have been already underway, divisions cut, and all the fat at the top including Wagner cut too.

Agreed. Most all compaines that got a bail out will probably fail anyways. It was just life support for a few more months. Look at all the money we gave and will have nothing to show for it.

 

[Digger]

Agreed. Most all compaines that got a bail out will probably fail anyways. It was just life support for a few more months. Look at all the money we gave and will have nothing to show for it.

I'm growing a little fed up with all this myself.

It's time for a Nationwide Tea Party

 

[Mopardh9]

I'm growing a little fed up with all this myself.

It's time for a Nationwide Tea Party

It has already started here in Ma.

 

[Curves]

GM selling Saab: General Motors signed an agreement Tuesday to sell its Saab division to Koenigsegg Group AB, a consortium led by the small Swedish builder of million-dollar Koenigsegg supercars. The sale will conclude by the end of the year, when the group takes over 100 percent of the Saab company, which has been a perennial money loser for GM. The Detroit automaker purchased the Swedish company about two decades ago. Saab is one of the brands that GM is shedding as it emerges from bankruptcy. Deals are pending to sell Saturn to the Penske group and Hummer to a Chinese machinery company. Pontiac will be discontinued next year.(SPEEDtv(8-19-2009)