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GM gets SEC request, details Delphi exposure

General Motors said says U.S. securities regulators have requested documents relating to its accounting for financial hedges and adds that a parallel inquiry at its former finance arm could force it to restate past results again, Reuters reports.
GM also said in a filing with the U.S. Securities and Exchange Commission that it had set its estimated exposure to bankrupt auto parts maker Delphi Corp at $7 billion and could take a $1 billion charge this quarter related to the restructuring of its former subsidiary, Reuters says.
The SEC's request for information marked the latest accounting setback for GM, which pledged to tighten its financial controls after twice restating results and delaying its fourth-quarter report.

Posted by   at 11:32 AM to Companies | Permalink | Comments 1

Cars are getting bossy when it comes to high-tech safety

Cars are getting to take over the driving, according to USA Today.
For example, using radar technology developed for military aircraft, an experimental BMW on a test track senses when it's about to crash and simultaneously flashes a red light on the dash, primes the brakes, pushes back on the gas pedal, closes the windows and sunroof, moves the seat upright, cinches the seat belt and adjusts the air bag deployment.
If the driver doesn't hit the brakes fast or hard enough, it will do that, too.

Posted by   at 11:23 AM to Companies , Safety , Technology | Permalink | Comments 0