By on March 17, 2010

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

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9 Comments on “Quote Of The Day: Old Lines From New Faces Edition...”

  • avatar
    crash sled

    Uh huh, and this is the guy who used to run Microsoft. Ironically, I just yesterday switched over to Firefox on my home PC, as I got tired of all the insoluble lockups using IE. Any of this sound familiar, Government Motors?

  • avatar

    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.

    • 0 avatar

      “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.

  • avatar

    Ed will have the Whiz Kids exhumed next!

  • avatar
    Telegraph Road

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

    • 0 avatar

      There have been at least three probes into how the books are beeing kept. All have ended abruptly with little information being made public. The SEC spent several years recently then just quietly left in the middle of the night. Some of what they supposedly found was not too pretty.

    • 0 avatar
      crash sled

      From the article:

      “GM has lost a combined $88 billion since last posting an annual profit in 2004.”

      It’s not just Rattner disparaging them. They have been a capital destruction machine, for years now, and today they are on the government payroll, financed by the taxpayers. It’s sorta like the real estate mortgage collapse, except we’ve decided that all the people who financed bad loans they couldn’t repay, well, they should all be refinanced in new houses, at taxpayer expense. Doesn’t matter whether they can afford it, or make the payments, because the important thing is that they’re kept afloat out of the government treasury.

      Because after all, everybody should be able to have title to a house and/or a car company, no matter what. And the government should pay to make it so. Or rather, the government should borrow cash from somebody else to make it so.

      So, by imperial decree, all mortgages and car companies are immortal. So it is written, so let it be done (and so let it be paid for by somebody else… in the future).

      I can’t wait to see the type of scam these guys will be running with the coming financials. That should be a hoot.

    • 0 avatar

      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.

  • avatar

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

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