The Wall Street Journal is reporting that General Motor’s (GM) CFO Ray Young is saying that the company will not be able to make its debt payments of $1 billion for June 1.
[via Ockham Research]
“This GM problem was showing up, and we criticized Standard & Poors and Moody’s for missing the financials. They did not miss on GM and Ford. For a long time they’ve had them rated very poorly. There was major risk, if you were gonna put GM bonds in your portfolio.” Fox Business Network 4/22/2009.