Quote Of The Day: Old Lines From New Faces Edition

Edward Niedermeyer
by Edward Niedermeyer

Even in the few months I’ve been here, I’ve been encouraged by the progress we’ve made, but when it will all come together is impossible to say… We’ll do it when we’re ready

GM’s CFO Chris Liddell talks IPO with Automotive News [sub], without apparently ever using the word IPO. Or saying anything that didn’t reek of the vague optimism that defined GM’s ancien regime. How would Liddell characterize the chances of a 2010 IPO? “I wouldn’t go beyond possible.” A 2010 profit? “[there’s a] reasonable chance.” How bad was GM’s finance department when you showed up to start cleaning? “Not as bad as has been characterized.” Mr Liddell went on to describe the sky as being “blue-ish,” and said that moving to Detroit “wasn’t as bad as people said it would be” [Ed: he didn’t, but you get the picture]. As insightful and reassuring as Liddell’s journalist stiff-arming skills are, what his taxpayer investors really want to see from him are the company’s first post-bankruptcy, GAAP-approved financial results. GM has said those results will be reported by the end of this month, while warning that they might not be pretty. And that was before it got into an incentive war with Toyota.
Edward Niedermeyer
Edward Niedermeyer

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  • CarPerson CarPerson on Mar 17, 2010

    The only train wreck worse than General Motors is General Motor's accounting system and auditors. Shadow puppets would tell you more about how they are doing.

    • DetroitsaRiot DetroitsaRiot on Mar 17, 2010

      "The only train wreck worse than General Motors is General Motor’s accounting system and auditors. Shadow puppets would tell you more about how they are doing." CP, the pre-requisite for working there (Accounting) must include someone who has been diagnosed as "delusional" or "pathologcal". Charley Ponzi would be proud.

  • DetroitsaRiot DetroitsaRiot on Mar 17, 2010

    Ed will have the Whiz Kids exhumed next!

  • Telegraph Road Telegraph Road on Mar 17, 2010

    Ratner's extreme disparagement of GM's finance department is puzzling. Have there been other knowledgeable observers who concur?

    • See 2 previous
    • Porschespeed Porschespeed on Mar 18, 2010

      crash sled, I think it's a little more like having the guys who wrote the NINJA loans and CDOs being left in charge of continuing to do mortgages, but that's just my take. Regardless of the analogy, you're spot on, GM's accounting has been a criminal joke for years. Just like Enron, if you spent an hour with their reports and filings, you knew that what you saw was simply crap on paper. I too can't wait to see what fantasyland this report comes from.

  • Lorenzo Lorenzo on Mar 17, 2010

    How long before we see posters of a waving Bob Lutz and the legend "Miss me yet?"

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