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.
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Say more, do less WagOner said:
""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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