Media Report
April 5, 2006GM’s Wagoner: Now is not time to panic
Detroit Free Press
In a front-page story, Alan Reinstein, professor of accounting at Wayne State, questioned General Motors Corp. Chief Executive Rick Wagoner’s explanation for the automaker’s accounting mistakes that has placed GM under federal scrutiny. Wagoner said the accounting errors occurred because "by and large, people were doing what they thought was right but either didn't refer to the specific accounting rules or thought they knew the rules and didn't know them." Reinstein said, "It's difficult for me to believe that a company with GM's experience and reputation would have so many people who allegedly do not fully grasp the accounting rules."
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