I hate to seem like I’m piling on, but in the case of bad news and GM, it’s happening all on its own.  A few weeks ago GM announced that they had to restate their earnings (or lack thereof) to the tune of another 2 billion dollars in the loss column.  That brings their losses to a cool $10 billion for 2005.

Whenever there seems to be a glimmer of hope emanating from the landmark towers of GM’s headquarters in downtown Detroit, a shadow of bad news sweeps in.  Sales of their new GMT900 line of full sized trucks is doing well and a deal with Delphi and the combative UAW is close; so things are looking better.  But for a company that is run by a numbers man, CEO Rick Wagner, and which used to have one of the top financial executives in the country, John “the” Devine, a $2 billion accounting mistake is inexcusable.  I don’t know how much longer the newly energized board will accept such incompetence. 

Those working for GM deserve better leadership, investors in GM deserve better accounting, and the country deserves a better corporate citizen.   If the board doesn’t reshuffle the deck soon, then the board ought to be replaced.  Something simply must be done and people must be taken to task for allowing such utter ineptitude to go on for so long.