BusinessCompany NewsAccounting errors deepen GM concerns

Accounting errors deepen GM concerns

£1.4bn error sees share price fall again

Beleaguered US car manufacturer General Motors is creating more Wall Street
jitters after disclosing fresh accounting errors and an additional $2bn (£1.4bn)
loss for 2005 on Friday.

The news sent shares falling 5% and, according to the Wall Street
Journal
, prompted an unscheduled board of directors’ meeting.

It has further increased fears among analysts about the company’s long-term
future and again damaged its reputation with investors.

One analyst said the news would make investors ‘skitters’ and could also
complicate the company’s efforts to sell to sell a majority stake in GMAC to
raise cash and improve the credit rating of its finance arm.

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