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Saturday, March 18, 2006

Accounting error raises GM's losses by $2 billion

Struggling US car giant General Motors (GM) has been forced to increase its annual 2005 losses by $2bn (£1.1bn) due to accounting errors.

The company now says its losses totalled $10.6bn last year, with the additional $2bn caused by errors at a mortgage subsidiary.

GM said as a result it was now going to delay filing its 2005 annual report.

The company is also going to restate its results for the years 2000 to 2004 due to the same error.

lmao! It isn't funny that such a major employer is in difficulties but it is funny that an 'accounting error' mislaid $2 billion! C'mon, $2 billion? In figures, that is 2,000,000,000. And no-one noticed?



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