Delphi accounting woes rattle through industry

[BeatleBoot]

http://www.freep.com/money/autonews/delphi11e_20050311.htm

<snip>

The erroneous accounting that has entangled auto supplier giant Delphi Corp. -- prompting everything from a regulatory investigation to the ouster of Delphi's chief financial officer -- has investors, accountants and auto insiders worrying that other auto companies could be next.

It seemed new to the auto industry that Delphi was tricking Wall Street, auditors and regulators with improper accounting for so-called pay to play contracts, but it wasn't new to the Detroit area: It was the same thing that snared Kmart Corp.

<snip>

The fear, in Detroit and on Wall Street, is that the accounting scandal at Delphi is also just the tip of the iceberg -- both for Delphi and the automotive industry.

[Me.]

1. Well As My Dividend Checks Have been 18 Cents

I'm not surprised at all. So much for "privatization".