GM Admits to Cooking the Books, Time to Finally Fire Wagoner

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.
http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060318:MTFH70130_2006-03-18_00-11-50_N17251281&symbol=GM.N&rpcD
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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 newsworthy.
Now, Enron; THEY were doing something criminal and they knew it.
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John Horner wrote:

""This is a game that's going to play as long as you're playing it. It's never going to end. It'll go until I retire, and when the next person has the job, they'll be on it too."
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