Duncan Sankey

Axles of evil


Not for the first time in the last five years, the D-word has been whispered in the context of an auto manufacturer, this time GM. However, some differentiation is in order. GM is not MG. You might think GM makes lousy cars and pays its workforce too generously but this in itself is not insolvency. Absence of cash with which to meet obligations is insolvency.

There is little danger of GM running out of cash in the near term. It currently has access to committed liquidity of approximately $30

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