Monday, November 17, 2008

GM's done for

Stick a fork in 'em, they're done. They're delaying rebate and other payments to dealers. The first, best sign a company's auguring in is when they start being unable to make payments they knew long ago they were going to have to make. The only one better is when the company's payroll checks start to bounce (or when the company starts telling employees where and when they can cash their checks as a way to prevent them from bouncing). If I held stock in GM, I'd be looking at cutting my losses. If I were an employee, I'd be shopping my resume around and making plans for not having a job come January.

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