The “No News” File: GM (GM) May Not Make It
March 5, 2009 by Douglas A. McIntyre
GM’s (GM) auditors expressed doubt that the car company will remain a “going concern.” Accountants often offer these opinions. They don’t usually mean much. If GM gets $100 billion from the federal government tomorrow it no longer has the problem.
The idea that GM might not make it has been hovering around off and on for about three years.
The auditor’s opinion show the huge weakness in the public accounting profession. It is set up to make these proclamations once a year. Often they are made so late that they have no value to shareholders.
At this point, it does not matter much, GM is effectively bankrupt. The only issue is who will hold the assets.
Douglas A. McIntyre
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