Posted on 10/26/2005 9:21:24 PM PDT by antaresequity
SAN FRANCISCO (MarketWatch) -- General Motors Corp. said late Wednesday it received subpoenas from the Securities Exchange Commission as part of an agency investigation of the carmaker's pension obligations and business dealings with bankrupt Delphi Corp.
"These matters include GM's financial reporting concerning pension and OPEB (Other Post-Employment Benefits), certain transactions between General Motors and Delphi, GM's recovery of recall costs from suppliers and supplier price reductions or credits," General Motors Corporation said in a statement.
The company said the SEC is also looking into possible GM obligations to fund retiree pension plans at Delphi after the car parts supplier filed for Chapter 11 bankruptcy protection on Oct. 8.
Not like the fortunes of GM declined overnight - this was a train wreck in glacial time. It's sad to recall all the product failures - the loss of market share - the failure to innovate in the 30 years I have been driving. Sigh.
It is sad, the entire US auto industry is sad. Yet our junior Senator was just up on the Senate floor recently talking about the people in Michigan wanting a job, healthcare, earnings to pay for their kids to go to college, a pension and a cottage up north. In other words...she continues to advocate for the wages and benefits that will finally put the industry under, in a state that has failed to see the economic writing on the wall.
The Junior Senator from Michigan is "junior" in tenure only. She is an enormous amorphous blob!
LOL, I'm not one to poke fun at such things but "Little Debbie" as we call her, is anything but.
Yep, you can't blame the unions for the total lack of innovation.
No doubt. Good point. And not just at GM, hardly!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.