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GM Accident Waiting To Happen – November 2010 – Francine McKenna, Still Valid?

Francine McKenna wrote this piece in November 2010.  Is it still valid? We should know soon.

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.

I also wrote two pieces for Forbes on this subject, here and here.  GM is an accident waiting to happen again because they haven’t learned the lessons of their past.  They made this IPO happen by polishing the balance sheet and making optimistic projections of revenues.  There are too many ongoing weaknesses in both their strategy and their financial infrastructure to pull this off over the long term.

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

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