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The General's shares took a six percent hit today, dropping the stock to its lowest value in 23 years, due to Rick Wagoner's announcement that the corporation had overstated results for 2001 by $400 million. Banc of America Securities analyst Ron Tadross is raising his estimate of GM's chance of bankruptcy to 40% over the next two years, revising his earlier statement of 30%. Of course, GM spokesman Jerry Dubrowski pooh-poohed Tadross' statement, but it sounds like the wicket is getting stickier and stickier for the world's #1 automaker... [Thanks to John for the tip.]

GM tumbles 6% to 23-year low [CNN/Money]

Related:
Delphi Trading halted on NYSE [Internal]