Posted
3/05/2009 06:32:00 PM
by Douglas
To the surprise of absolutely no one, GM is throwing down the
bankruptcy card to get more hand-outs from Uncle Sucker.
The doubt, according to Deloitte & Touche LLC, is about whether GM can overcome its staggering losses and generate enough cash to stay in business, or remain a "going concern" as accountants would say.
GM concedes in the report filed Thursday that it's on the edge of bankruptcy and won't be able to avoid it unless it gets more government money and successfully executes a huge restructuring plan.
It's no surprise that auditors would question GM's viability. The Detroit-based behemoth lost $30.9 billion last year, is living on $13.4 billion in government loans, and is seeking up to $30 billion as it tries to survive the worst auto sales climate in 27 years.
Is there anyone stupid enough to believe that they didn't
know how bad it was, and didn't ask for the $30Bills the first go-round. Oh right, they would have
never got it. But they think they can nickel and dime us, and by nickel and dime, I mean 5 or 10
billion at a time, and get away with it. Which they probably will.