Announcement

Collapse
No announcement yet.

GM must restate results for 2001

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • GM must restate results for 2001

    big deal, ominous...they may have entered the death spiral...

    NEWS ALERT
    from The Wall Street Journal

    Nov. 9, 2005

    General Motors, whose accounting has been under scrutiny by the SEC, said it must restate financial results for 2001 and possibly subsequent years, in the latest blow to the beleagured auto giant and its embattled CEO, Rick Wagoner. GM's admission came as its shares fell to their lowest level since November 1992.
    The Dude abides.

  • #2
    QUOTE(Moe_Szyslak @ Nov 9 2005, 06:29 PM) Quoted post

    big deal, ominous...they may have entered the death spiral...

    NEWS ALERT
    from The Wall Street Journal

    Nov. 9, 2005

    General Motors, whose accounting has been under scrutiny by the SEC, said it must restate financial results for 2001 and possibly subsequent years, in the latest blow to the beleagured auto giant and its embattled CEO, Rick Wagoner. GM's admission came as its shares fell to their lowest level since November 1992.
    [/b][/quote]
    Taxpayers, get ready.

    Comment


    • #3
      Dude, I'm a a stud. I own a couple airlines and about to get me struggling auto manufacturer. If that goes well, I might buy me a whole city, party town of course, like New Orleans.
      Un-Official Sponsor of Randy Choate and Kevin Siegrist

      Comment


      • #4
        Stick a fork in GM...they are just about done. Doesnt help that they cant design or manufacture a car (not truck or SUV) that anyone wants to buy.

        And..I hope the government doesnt expect the tax payers to bail this POS company out.

        What was the issue with their accounting? Were their sales and net income over-stated due to not recognising warranties as a liability? Any details???

        Comment


        • #5
          QUOTE(Indu WangZi @ Nov 9 2005, 07:22 PM) Quoted post

          Stick a fork in GM...they are just about done. Doesnt help that they cant design or manufacture a car (not truck or SUV) that anyone wants to buy.

          And..I hope the government doesnt expect the tax payers to bail this POS company out.

          What was the issue with their accounting? Were their sales and net income over-stated due to not recognising warranties as a liability? Any details???
          [/b][/quote]
          From the article (By the way, WSJ Online is free this week):

          QUOTE
          GM said it overstated income for 2001 by as much as $300 million to $400 million -- equivalent to about 50% of the profit it reported at the time -- by "erroneously" booking credits from suppliers[/b][/quote]

          QUOTE

          GM didn't specify Wednesday whether its plans a restatement for 2001 involved Delphi transactions. GM has recently disclosed that the SEC is investigating issues involving its accounting, including the company's handling of assumptions used to determine certain pension costs.[/b][/quote]

          Just a dumpy company that needs to be taken out to pasture.

          Comment


          • #6
            The Chineese or Indians will buy it.
            Make America Great For Once.

            Comment


            • #7
              QUOTE(The Kev @ Nov 9 2005, 07:29 PM) Quoted post
              The Chineese or Indians will buy it. [/b][/quote]

              Chinese won't buy it and the Indians can't afford it.

              I wonder if GM wasnt inflating credits as a run up to the Delphi spin-off?

              Comment


              • #8
                Someone will buy GM. The loyalty base is too high.

                But, we've seen the last days of the General Motors company as it's named now.

                Comment


                • #9
                  What has happened to the American owned business? At the rate we're selling to foriegn buyers, we'll be third world in the next 100 years.
                  Make America Great For Once.

                  Comment


                  • #10
                    QUOTE(The Kev @ Nov 9 2005, 07:34 PM) Quoted post
                    What has happened to the American owned business? At the rate we're selling to foriegn buyers, we'll be third world in the next 100 years. [/b][/quote]

                    It's called pro forma accounting.

                    Comment


                    • #11
                      QUOTE(The Kev @ Nov 9 2005, 07:34 PM) Quoted post
                      What has happened to the American owned business? At the rate we're selling to foriegn buyers, we'll be third world in the next 100 years. [/b][/quote]

                      No..just need competitive companies. If GM could design and build cars as well as the Nips or Jerrys...they wouldnt be in this problem.

                      Comment


                      • #12
                        Wang,

                        IMO, GM needs to weed out some of their losers, I/E Buick. There's alot of world wide love for Caddy's and Corvettes.
                        Make America Great For Once.

                        Comment


                        • #13
                          Christ, madyaks is gonna flip.

                          Comment


                          • #14
                            QUOTE(The Kev @ Nov 9 2005, 07:40 PM) Quoted post

                            Wang,

                            IMO, GM needs to weed out some of their losers, I/E Buick. There's alot of world wide love for Caddy's and Corvettes.
                            [/b][/quote]

                            Bingo.

                            Too many models and brands that are pretty much about the same. Some of the new Chevy models are interesting and the Caddys will always be popular with the geezer set. Don't need Buick and Pontiac.
                            LONG LIVE THE NOTE!

                            Comment


                            • #15
                              QUOTE(DC Santana @ Nov 9 2005, 07:46 PM) Quoted post

                              QUOTE(The Kev @ Nov 9 2005, 07:40 PM) Quoted post

                              Wang,

                              IMO, GM needs to weed out some of their losers, I/E Buick. There's alot of world wide love for Caddy's and Corvettes.
                              [/b][/quote]

                              Bingo.

                              Too many models and brands that are pretty much about the same. Some of the new Chevy models are interesting and the Caddys will always be popular with the geezer set. Don't need Buick and Pontiac.
                              [/b][/quote]

                              Didn't they discontinue Oldsmobile?

                              That's a start.
                              RIP Chris Jones 1971-2009
                              You'll never be forgotten.

                              Comment

                              Working...
                              X