GM's Auditor Finally Notices That It's Bankrupt

Yesterday General Motors revealed that its own auditors have raised “substantial doubt” about the company’s ability to continue operations.

Deloitte & Touche said the huge losses from operations raised substantial doubts about GM’s ability to continue as “a going concern.” Basically, the automaker is fully dependent on the government these days. If government support is curtailed, the company might need to be liquidated.

“If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code,” GM said in the annual report filed with the SEC yesterday.

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