GM Non-Story: Dealer Inventory Build-up Continues NewsBusters.org
General/Government Motors unduly dressed up its financial statements in advance of its late-2010 initial public offering by foisting an unreasonable level of vehicle inventory on dealers.
The effect of this was to enable the company, which in accordance with general industry practice recognizes sales when it ships vehicles to dealers, to book an estimated $900 billion in sent-ahead pre-tax profit largely not supported by dealer sales.
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