General Motors (GM) = the next Enron?

"May 17 (Bloomberg) -- General Motors Corp., under federal scrutiny for its accounting practices, said two top financial officers will leave the company, the world's biggest automaker."

It appears that GM is in even bigger trouble than I previously thought. It's already abundantly clear that they're leaking money like water through a sieve. Now it appears that they were cheating to get the pisspoor results that already disappointed the market so badly. How much worse can it get?

Obviously a GM bankruptcy would create a huge impact on the economy. It might cause a collapse of the derivatives market. It will leave tens of thousands without jobs (and that's best case scenario), and even worse - hundreds of thousands without health care and retirement. Sure, the market cap as of today is only ~14 Billion Dollars, but it employs 327,000 people around the world.

With the accounting fraud and the intense pressure on the weak and possibly stupid executives, I'm starting to think that GM is the next Enron. I sure hope I'm wrong.