In Michigan
7:38 am
Thu March 5, 2009

Author says GM's annual report not surprising

East Lansing, MI – EAST LANSING (WKAR) - The author of a book on General Motors says news that the auto maker's auditors have doubts about its future isn't surprising. William Holstein, author of the book, Why GM Matters, was in town for a book tour Thursday.

Holstein says the auditor's report was a formality and that GM's situation hasn't changed. He says bankruptcy isn't an option and GM needs more financial help from the government for it to stay in business. Holstein says Wall Street is making money on GM's failure by short selling its stock.

GM shares lost 87% of their value last year. Shares closed today at $1.86 cents, up one penny from its opening value this morning.