We gave GM Billions for nothing. Their Auditors are still saying they will have to into bankruptcy.
GM auditors raise the specter of bankruptcy
DETROIT (AP) — General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan.
The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission.
The corporation’s recurring losses from operations, stockholders’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern,” auditors for the accounting firm Deloitte & Touche LLP wrote in the report.
GM has a bad business model. They have too many brands, dealers and cars people don’t want. They need to go into Chapter 11 and restructure. I want GM to survive for the sake of American production and workers. But real change is needed, not throwing money at a bad model.
Tags: auto industry, bailout, Cars, GM, US Economy
