Time to Pull the Plug On GM! Burns $6.2 BILLION in 3 Months.
MyNews: General Motors Corp. posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running.
The nation’s biggest domestic automaker said Thursday it lost $30.9 billion for the full year and expects an opinion from its auditors as to whether the company remains a “going concern” when its annual report is issued in March. That means the auditors will determine whether there is substantial doubt about the automaker’s ability to continue operations.
Chief Financial Officer Ray Young said the determination will depend a lot on whether GM gets further government loans and whether it can accomplish its restructuring goals.
ENOUGH! Let them fail. It is obvious to anyone who breathes air that GM like Chrysler is incapable of making the necessary changes in their business practises and management to affect the turn around required to save jobs. It’s time for the U.S. government to FORCE GM into Chapter 13 reorganization. End the BULLSHIT Now!