chefdennis
Veteran Expediter
opp's...I guess barry and joe didn't knw it was as bad as it was...cause their "Recovery Summer" is about to setup the "Failings of Fall"...
Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins
By Clarice Feldman
September 05, 2010
American Thinker: Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins
From the article linked above:
Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins
By Clarice Feldman
September 05, 2010
American Thinker: Clarice's Pieces: The Summer of Recovery Ends, Epic Fail Fall Begins
From the article linked above:
Shikha Dalmia, for example, compares the General Motors IPO as a political bit of flummery which may be "this decade's biggest financial fiasco"
Indeed, in its application to the Securities and Exchange Commission--which, guess what, will come through just in time to make an IPO possible before the November elections!--GM admits that its "disclosure controls and procedures and internal control over financial reporting are currently not effective." And this "could materially affect our financial condition and ability to carry out our business plan." Companies include all kinds of outlandish mea-culpas in their IPO applications to cover their derrières in the event of investor lawsuits. However, this one goes to the heart of the information that investors need to determine whether GM is a good investment, especially since it is going public after only two good quarters as opposed to the usual four. If GM can't guarantee its own numbers, how exactly are investors supposed to evaluate its worth?
I expect law firms around the country are lying in wait to see which, if any fiduciaries, put their clients' money in the GM IPO.
In any event the IPO hardly looks like good news for the taxpayers who paid the hefty bill to keep GM afloat (and the UAW happy).It's being done at a very inopportune time clearly in a vain effort to halt the Democrats' political slide.