General Motors apparently hires people who suck at math

From Dealbreaker's Opening Bell

GM admits accounting gaffes (Detroit Free Press)Oh, and it looked like GM was starting to do so well. Guess not. The company, which recently booked a "profit" is now telling shareholders that they probably shouldn't trust a damn thing they read in the company's financial statements. It says that it's founds its accounting practices and controls to be ineffective. Part of the blame goes to poorly-trained staff, said the company. In related news, GM is asking the union for concessions, which isn't really news since it really isn't new, but yeah, so much for being out of the woods.

Contrary to what self-interested parties like ex-GE CEO Jack Welch would have you believe, the companies at the top of the heap, such as the top 10 in the Fortune 500 aren't there because of their excellence. They emerge as the top companies because their failures didn't bankrupt them or embarass them as much as their competitor's failures did. The corporation that can afford to absorb the cost of its own blunders until they manage to actually knock one out of the park are the ones who win.

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