The current GM management team has been demonstrably incompetent and now
appears to possibly be criminal. It is long past time for the cozy with
management board to wake up and get some decent talent in there.
It's not criminal or even uncommon to restate earnings. Companies sometimes
publish quarterly or annual statements and then find that their accounting
treatment of certain unusual transactions can't be done the way they
expected (discovering a large expense is not depreciable will do this).
It's my impression that you more often see reports about this when the
company is already in trouble but it could just be that makes the story more
Now, Enron; THEY were doing something criminal and they knew it.
*** Free account sponsored by SecureIX.com ****** Encrypt your Internet usage with a free VPN account from
Motorsforum.com is a website by car enthusiasts for car enthusiasts. It is not affiliated with any of the car or spare part manufacturers or car dealers discussed here.
All logos and trade names are the property of their respective owners.