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"It is hard to imagine a more grim report," was how ABC's Eric Horng put it. "This is a sobering report," declared CNBC's Phil LeBeau on NBC. The auditor's report on General Motors found that "current factors raise substantial doubt about GM's ability to continue as a going concern." Grim and sobering perhaps but hardly newsworthy: last year, LeBeau reminded us, GM lost money at the rate of $85m a day. So does that mean the automaker will go bankrupt? Such a filing "is not going out of business," ABC's John Berman pointed out (at the tail of the Horng videostream). "Continental, Delta and United Airlines all did it and are flying now. It is restructuring." Berman offered examples of what the "restructuring" euphemism entails: cuts in pension payments, reduced healthcare benefits, firings of the executive suite, closed dealerships and a new line of credit from the government. "General Motors does not want to do that," CNBC's LeBeau assured us, implying that it has a choice.
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