GM RESTATES EARNINGS

BREAKING NEWS -- GM RESTATES 2005 EARNINGS
$2 Billion in Additional Losses
10K Filing will be Late

Apparently after markets closed today, GM dropped a bombshell. It announced that it was restating 2005 earnings, increasing the reported loss by $2 billion to $10.5 billion total.

What may be worse news is that GM also announced that the annual report that it files with the Securities and Exchange Commission will be late. GM's spin on this is that there is now a better perspective of what GM's loss from the Delphi bankruptcy will be. Another way to look at it is that the outside auditors consider GM's projections as being overly optimistic.

When markets open in the morning, you'll know whether GM's spin worked.

Fellow 3357 members, check our internal message board. You can get the password from your area rep or from one of the officers. We need to add alacrity to the discussion of our future.