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

Post a Comment:

Comments are closed for this entry.

« Singapore to setup 2... | Main | "Peak Oil" to "Trans... »

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out