Thursday October 27, 2005 
Thursday October 27, 2005
GM subpoenaed in accounting probe
General Motors Corp. said it had been subpoenaed by the U.S. Securities and Exchange Commission as part of a probe into its accounting practices and other matters. It was the latest blow to the world's largest automaker, which is bleeding money and confronting its biggest financial crisis since a narrow brush with bankruptcy 13 years ago.
GM has said it could be on the hook for up to $12 billion in benefits at Delphi because of guarantees it offered when it spun its former parts arm off in 1999. Delphi filed the largest bankruptcy in U.S. automotive history earlier this month. GM, which has lost about $3.8 billion through the first nine months of 2005, said last week that it was exploring the possible sale of a majority stake in GMAC.
The issuance of a subpoena indicated that the SEC had upgraded its investigation into GM's pension accounting practices to a formal status from what had previously been described as an informal probe
See also :
1. GM posts massive quarterly loss
2. Delphi Files for Bankruptcy
3. American automakers shift from bad to worse
(2005-10-27 13:36:35 SGT)
[Biz]
Permalink
Comments:
Post a Comment:
Comments are closed for this entry.
Most popular blog postings on lowem.log :
1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets
Featured articles on lowem.log :
1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
| archives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| search | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Custom Search
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| sponsored links | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| bookmarks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
about
sites
blogroll
forums |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| navigation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| decals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| powered by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| hosted by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
