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An Update On The GM IPO: The Numbers Don’t Add Up

Sunday, September 11th, 2011

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.



Deloitte, Delphi, and GM: Duped or Duplicitous?

Sunday, November 21st, 2010

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.



GM’s Audit Flubs: A Video For The Street.com

Saturday, November 20th, 2010

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.



@Forbes: More GM IPO and Less Litigation Disclosure

Friday, November 19th, 2010

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 […]



@Forbes: Bankruptcy Examiners and The GM IPO

Friday, November 5th, 2010

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 […]



@Going Concern “Prevent Bailout Alzheimer’s: Some GMAC Fun Facts”

Wednesday, October 28th, 2009

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 […]



GM Better Off Bankrupt? A Rebuttal From Ron Silberstein

Thursday, March 12th, 2009

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.



GM Better Off Bankrupt? My Opinion

Thursday, March 5th, 2009

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.



"A Judgment Too Important to be Left to the Accountants"

Wednesday, May 7th, 2008

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 […]



GM and GE – Both Have Poor Internal Controls

Saturday, March 17th, 2007

“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 […]