By on November 18, 2009

The lurking presence...

Looks like GM may have done some creative accounting after all – at least according to Swedish Government and their consulting firm KPMG. As we’ve reported the last couple of days, Saab’s rescue has been hanging by a thread due to questions around the company’s financial situation prior to the start of the financial crisis. Saab needs the EU to approve the Swedish Government’s guarantee of an EIB loan to Koenigsegg group if the deal is going to go through. If Saab, during the summer of 2008 – when the financial crisis started – were not in sound financial condition, the EU cannot, will not, approve Swedish government’s guarantees to the EIB loan, and the loan will not be granted. And reports from di.se yesterday almost laid that possibility to rest, with reports that GM had lost $ 5.100,- on each Saab-car sold during the last 8 years. Now, as commentator dlfcohn and others at ttac, as well as several commentators at di.se have pointed out, creative accounting can be useful in major corporates i.e to avoid taxes in tax-heavy countries. This, apparently (at least according to Swed.gov’t/KPMG) was the case with GM/Saab.
(Read More…)

Recent Comments

  • mcs: @toolguy: No, it wasn’t his vehicle. In my world, I’ve never seen people buying cars to impress...
  • Arthur Dailey: @KC; I have not personally seen any masks that are just one layer, at the least two layers. if there...
  • Detroit-Iron: F1, like the IOC, supports slave labour, human rights abuses, and validating dictators and other...
  • mcs: One of the things they discovered about the effectiveness of conventional masks with kids is that it kept them...
  • kcflyer: I did find it interesting that the n95 filters particles smaller than the openings in the mask by magicly...

New Car Research

Get a Free Dealer Quote

Who We Are

  • Adam Tonge
  • Bozi Tatarevic
  • Corey Lewis
  • Mark Baruth
  • Ronnie Schreiber