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SEC subpoenas GM in probe
CBS Market Watch ^ | 10.26.05 | Jim Jelter,

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.


TOPICS: Business/Economy; Extended News
KEYWORDS: gm; unionssuck
The overnight futures tanked a bit on this release but rebounded...shortly..


1 posted on 10/26/2005 9:21:24 PM PDT by antaresequity
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To: antaresequity
As goes GM...


2 posted on 10/26/2005 9:32:53 PM PDT by Travis McGee (--- www.EnemiesForeignAndDomestic.com ---)
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To: Travis McGee

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.


3 posted on 10/26/2005 9:40:04 PM PDT by Wally_Kalbacken
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To: Travis McGee

4 posted on 10/26/2005 9:44:56 PM PDT by antaresequity
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To: Wally_Kalbacken

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.


5 posted on 10/26/2005 9:51:07 PM PDT by Dolphy
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To: Dolphy

The Junior Senator from Michigan is "junior" in tenure only. She is an enormous amorphous blob!


6 posted on 10/26/2005 10:14:44 PM PDT by Wally_Kalbacken
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To: Wally_Kalbacken

LOL, I'm not one to poke fun at such things but "Little Debbie" as we call her, is anything but.


7 posted on 10/26/2005 10:36:21 PM PDT by Dolphy
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To: Wally_Kalbacken

Yep, you can't blame the unions for the total lack of innovation.


8 posted on 10/27/2005 8:37:14 AM PDT by Travis McGee (--- www.EnemiesForeignAndDomestic.com ---)
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To: Travis McGee
Innovation is not just product innovation - a lot of it is process innovation - and I'd be willing to bet the work rules negotiated by the UAW (and foolishly accepted by GM)were not fostering innovation.
9 posted on 10/27/2005 9:28:28 AM PDT by Wally_Kalbacken
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To: Wally_Kalbacken

No doubt. Good point. And not just at GM, hardly!


10 posted on 10/27/2005 9:36:28 AM PDT by Travis McGee (--- www.EnemiesForeignAndDomestic.com ---)
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