One would think with the eyes of the SEC already firmly afixed upon you, now would not be the best time for accounting misstatements to come to light. Or maybe it is, how would we know? Our version of accounting is figuring out how many drinks we had the night before by the number of fingers we can see in front of us when we wake up. What we do know is that restating your numbers is serious bizness, which is why it is a potential concern for the General to be restatin' figures on GMAC, their cash cow. Since its still up on the auction block, here's a morning eye opener to the hope the accountin' errors aren't too terrible. Count, Bean Counters, Count!!
Accounting missteps magnify GM's crisis [Detroit News]
GM Keeps GMAC On The Block [The Car Connection]
Related:
Oof. GM Reports Additional $2B Loss for '05 [internal]