A Starker Picture Of GM

March 29th, 2006

Yesterday, trading was halted on GM shares pending news.

Trading of shares of General Motors Corp. was halted after regular trading ended Tuesday, pending the announcement of news.

Soon afterward, the news was revealed.

In an annual regulatory report Tuesday, GM restated financial results from 2000 through 2004 because of a litany of accounting errors. GM had said March 16 that it was delaying filing its annual report because of an internal investigation into those errors.

Also Tuesday, GM said it is restating financial results for GMAC from 2003 through the third quarter of 2005. The restatement relates to the improper classification and presentation of cash flows for certain mortgage loans.

The sale of the 51% stake in GMAC would have raised as much as $15 billion for cash strapped GM.

Easy come. Easy go, right?

“If it wasn’t GM in crisis mode and the whole feeding frenzy going on in the media, a small restatement like this wouldn’t get any attention,” Healy said.

Wow, If it wasn’t for the 40,000 plus employees whose lives have been turned upside down thanks to GM and the United Auto Workers, I wouldn’t be paying much attention to GM news these days either.

Technorati Tags: GM, GMAC, United Auto Workers, restating earnings, crisis, SEC, General Motors, annual report

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One Response to “A Starker Picture Of GM”

Anomalous Enigmaus:

March 29, 2006 at 1:33 pm

Has GM bought off Judges to polish GMAC for sale?

GM has been accused of buying off Michigan judges to keep GMAC looking attractive to buyers.

Homecomings Financial Corp. a part of GMAC has been evading a lawsuit that proves it manipulated the posting of borrowerâ€™s payments so that it could charge late fees. (Illegal fees collected under threat of foreclosure is extortion.) A case filed in the Michigan Supreme Court (March 24: case #130774) shows that judges as high as the Court of Appeals have broken the law to protect Homecomings from these charges.

The Supreme Court case attributes the judicial corruption to GMâ€™s political clout. It alleges that GM has been desperate for the cashflow and has threatened to blackball the judges or promised support to get their protection.

Court of Appeals Judge Neff is accused of preserving fraud on the record so that Homecomings can use the falsified information to win the April 6 hearing.

This is a link to the courtâ€™s online docket, http://courtofappeals.mijud.net/resources/asp/viewdocket.asp?casenumber=130774&inqtype=sdoc&yr=0&yr=0&SubmitBtn=Search

It is fact on court records that these judges have broken the law to protect Homecomings, and in so doing have benefited GM who is the only one powerful enough to get 5 separate judges to defy the law.

I can PDF the filed complaint to anyone who is interested. Enigmanomalous@AirPost.net

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