Friday, March 16, 2007
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.