A Fool and Our Money
Thursday, March 16, 2006
Here it is folks, proof positive that things only get worse the longer "Red Ink Rick" remains at the helm. It's time for the shareholders, employees, and dealers to band together and demand the removal of this buffoon.
GM revises '05 loss $2 billion higher
The automaker says actual losses were $10.6 billion; company also says it will delay its annual report due to an accounting error.
March 16, 2006: 7:27 PM EST
DETROIT (Reuters) - General Motors Corp. on Thursday revised its loss for 2005 to $10.6 billion, $2 billion more than initially reported, due to charges associated with its restructuring, the bankruptcy of its former subsidiary Delphi Corp. and its finance arm GMAC.
The company said in a statement that on a per-share basis its 2005 loss had been $18.69 when fully accounting for those charges, up from a previously reported per-share loss of $15.13.
GM (Research) also said that it would delay filing its annual report with securities regulators because it had mistakenly accounted for cash flows from a mortgage subsidiary of GMAC called ResCap.
The company said that accounting problem would not change its reported net income or the presentation of its balance sheet.