General Motors awaits auditors’ verdict as losses exceed $30bn(corpse negotiating resurrection)

The Times (UK) ^ | 02/27/09 | Christine Seib

[TigerLikesRooster]

General Motors awaits auditors’ verdict as losses exceed $30bn

Christine Seib in New York

General Motors (GM) lost almost $10 billion (£6.9 billion) in last year’s final quarter and nearly $31 billion over the whole of 2008, the stricken car company reported yesterday as it awaited advice from its auditors on whether it remained a going concern.

Rick Wagoner, the chief executive of the American carmaker, met members of President Obama’s automotive task force yesterday to discuss how to save the company, which has said that it needs about $30 billion in government aid to survive.

GM said in a statement released after the meeting: “We found a genuine willingness among the task force to understand our business, industry challenges and GM’s restructuring plan.”

[TigerLikesRooster]

Ping!

[txnativegop]

I say let the corpse rot. If for no other reason, than to have people who know how to run an automobile company show up and start a new company (maybe, if they can avoid unions)

[tobyhill]

They are beyond repair and their best hope is to organized bankruptcy.
No matter how much taxpayer's money gets poured into them, we as taxpayer's will never see any of it again.

[skinkinthegrass]

...GM/FORD/CHRYSLER/w UAW, Are just dead...a corpse starting to rot....smell.
They really should declare Bankruptcy....its their only hope

[wildbill]

They go into Chapter 11 and work their way out of it. I believe Americans will step up and buy their cars if the propostion is put to them as patriotic act.

It would also allow them to get out of onerus union contracts.

[ken21]

there was an editorial article in the lost angeles times recently that

bragged about how now the environmentalists

have gm over the barrel and they’ll be making energy efficient cars.

if gm survives.

[Eric in the Ozarks]

The workers who are willing won’t miss much work. Bankruptcy doesn’t mean the end; its a restart.

[WOSG]

Democrats killed GM:
Higher taxes, environmental rules, meddling in croprate governance, union power, and bad state-level policies in Michigan.

[FlyingEagle]

So GM loses $85 million dollars each and every day of the week for the entire year.

They might as well shred every vehicle they produce.

They should do themselves a great favor and just close, save the economy from the need to absorb that loss every day.

[M. Espinola]

And the audit is in....

[pointsal]

PULL THE PLUG ON GM. IT IS TOAST. THE UNIONS ARE TOAST.