My trusted investor “straw man” reminded me that GM’s current stock price is much lower than the IPO price and far short of the target for a U.S. Treasury breakeven on the investment. That’s an easy story to write.
It’s as wicked as it seems…
What the SEC is doing at Delphi is quite expedient. When the SEC wants to bring civil charges for fraud against Delphi executives, the story is that the auditor was duped. And they got the auditor who was sanctioned for not performing the audit with due professional care to testify to that.
While I was in New York last week for the FEI Current Financial 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 GM.
My Forbes column appears on Tuesdays and Thursdays. Go here to read, Accounting Watchdog. Columns for the week ending November 19, 2010: GM’s Gigantic IPO: Investors Bet An Old Dog Can Do New Tricks FT Alphaville reports this morning that, “President Barack Obama said the IPO marked a ‘milestone in the turnaround of not just […]
I’m writing a new column at Forbes.com. It’s called, “Accounting Watchdog” because traditional media is so innovative! Actually, I wanted to broaden my scope a little – if going from Big 4 auditors to accounting, in general, can really be considered expanding my horizons. But I do have, more or less, carte blanche to comment on […]
My new post is up @Going_Concern On the eve of what will probably be — despite loud protestations and numerous solid reasons why not — the third round of bailout money thrown at GMAC, I thought it might be fun to give you some Fun Facts About GMAC. Sometimes the whirl and swirl of an ongoing financial crisis […]
A 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 entirety.
Ron Silberstein and I met on Twitter. Every day I meet more and more interesting people there, both virtually, for now, and in person as I did during my recent trip to Baltimore and Washington DC.
Ron is a Principal of Maddox Ungar Silberstein, PLLC a CPA firm in Michigan. He heads up their SEC and Franchisor audit departments. Ron saw a recent Tweet of mine on GM (there have been many) and responded with a contrary opinion. It made me realize that I should probably defend my opinions regarding a GM bankruptcy in a little more detail.
Picture Source The Harvard Law School Corporate Governance Blog is often good for some interesting discussions and points of view. With all due respect to some of the distinguished commenters and the fact that they have linked to me once, I don’t always agree with the opinions expressed. Take Mr. Peter Wallison’s op-ed piece from […]
“News” broke yesterday that GM reported, “ineffective internal controls over financial reporting might make it difficult for the company to execute on its business plan.” They are also still under investigation by the SEC on several matters, including financial reporting related to pension accounting, transactions with suppliers including GM’s former subsidiary Delphi Corp., and transactions […]