Comments on: GM Better Off Bankrupt? My Opinion

By: re: The Auditors » Blog Archive » GM’s Audit Flubs: A Video For The Street.com

Sat, 20 Nov 2010 14:42:33 +0000

[...] Reporting Issues conference, I taped a spot for The Street.com on the November 18th GM IPO. I was against the GM bailout. I’m embarrassed by how the administration has manipulated this “resurrection” of [...]

By: re: The Auditors » Blog Archive » Sarbanes-Oxley For Everyone: To Be Or Not To Be? (With Postscript)

Tue, 08 Dec 2009 04:12:58 +0000

[...] in the grand scheme of things, although we know now how well that assumption turned out for GM and GE. There’s absolutely a higher risk in smaller companies for fraud and malfeasance due [...]

By: Jaxon Markell

Jaxon Markell — Sat, 14 Nov 2009 04:48:42 +0000

Failure is the stepping stone of success. So, there is no doubt that GM will climb to the top. Here it is quoted that, financing for a car is tough, rather than buying a house. I don’t agree with this point, only people experiencing difficulties when buying a house knows the truth lying behind that. Do someone possess efficient knowledge on foreclosure home deals in Canada?

By: Alexandra

Alexandra — Mon, 15 Jun 2009 14:11:58 +0000

The Most important challenge GM faces is to win back the trust of the tax payers. Giving away billions of tax payer money is not going to go under good sights of the consumers

By: re: The Auditors » Blog Archive » GM Better Off Bankrupt? A Rebuttal From Ron Silberstein

Fri, 13 Mar 2009 02:07:48 +0000

[...] discussion with Ron Silberstein was the inspiration for my previous post on the question of a GM bankruptcy. Now he’s written a rebuttal. It’s reprinted here, in its [...]

By: re: The Auditors » Blog Archive » Audit Integrity Says, “I Dare You…” - Who Audits The 300 Worst Companies?

Tue, 10 Mar 2009 21:44:39 +0000

[...] ahead, trade the rumor. But in this environment, these companies, like GM and others will fail when you least expect it, in an “unpredictable” way, and [...]

By: Time Served

Time Served — Mon, 09 Mar 2009 17:58:54 +0000

GM is like the big oak in your yard that got hit by lightning. you love the tree, it’s older than your house, but it’s dying on the inside. it seems such a waste to cut it down, but no matter how much you spend pruning and propping it up, it’s going to die. You can either drag it out or let it fall. by keeping it up nothing can grow underneath it. cut it down, and let’s see what springs up in its former shadow.

By: PassByCMAS

PassByCMAS — Fri, 06 Mar 2009 22:29:00 +0000

To post #3:

If GM didn’t get a going concern paragraph after last year, then Deloitte would’ve been run out of the accounting business. I’m sure they spent hours upon hours trying to figure out how they could avoid it to help GM out. Auditing is a joke. The whole system of auditing is broken. The Going Concern paragraph had to be there. No credit is due for D&T for putting it in.

The choice is easy: Let companies fail or force the entire US economy to fail (including those companies you tried helping).

By: Tenacious Truman

Tenacious Truman — Fri, 06 Mar 2009 15:58:59 +0000

J Bonelli,

According to what I’ve seen on the OMB website, the stimulus dollars will flow out in one of three ways: contracts, grants, and loans. I don’t think that the auditors will have any trouble reviewing the accounting for any of those activities. In some cases, liabilities will have to be recognized to offset funding received (e.g., advance payment on a contract, receipt of a loan, etc.). I understand that cash flow is the key concern (as opposed to the balance sheet); I don’t think this is going to be too much of an issue.

– Tenacious T.

By: J Bonelli

J Bonelli — Fri, 06 Mar 2009 05:03:18 +0000

I’d love to know how Gov. funding affects an Auditors eventual opinion. Don’t think this is the first kind of Co. that will go belly up either, so we’ll get to see how auditors deal with those cases.