March 16, 2007
GM Says Ineffective Controls Threaten Performance
GM's Annual 10-K Report, filed 6 weeks late, disclosed that "ineffective" controls over financial reporting threatened its performance. Yesterday it released five years of restated financial statements and reported a $2 billion loss for 2006. See NYTimes, G.M. Says It Has Found Serious Flaws in Acounting ; WSJ, GM Takes Steps to Improve Its Financial Reporting.
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