When the history of GM is finally written, 2009 will go down as the year of the dead man walking.
The New York Times reports that auditors Deloitte say GM's survival is in serious doubt, and that's even with $30 billion of US taxpayers money. On one hand, it doesn't necessarily mean GM is about to go bust as the auditor is just doing what auditors do by putting out a standard "going concern" notice. Still, it does underscore the difficulties GM will face bringing the company back from the dead. And certainly, bankruptcy is not out of the question.
Which is why the European Commission has called for a crisis meeting to address the issue.
The ripple effects across the US auto industry would be massive, affecting everyone including car hire companies, dealers and parts suppliers. This will affect jobs everywhere.