Thursday, October 06, 2005

Here we go again!

Sham Deals? Loans Disguised As Income? Special Purpose Entities? ........It's, It's...........Delphi or is it Enron Part Deux?

Delphi Sued over Inventory Deals -

Four pension funds have filed a class-action lawsuit against Delphi Corp., alleging in part that the company improperly treated financing transactions as sales, causing it to overstate revenue and earnings.

In addition to the Troy, Michigan-based auto-parts supplier, the lawsuit named as defendants three companies that "entered into sham transactions intended to falsely inflate Delphi's reported financial results," according to the web site of plaintiffs' lead counsel Bernstein Nitwits Berger and Grossman. The law firm identified those companies as Speech; BBK Ltd.; and Bank One Automotive Group, which was acquired by J.P. Morgan Chase & Co (continued... )

-Will this crap ever end?


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