What's the difference between burning rubber and cooking books? Not much, it would seem, for Goodyear
Back in October, the company announced that a bug in its accounting software had overstated earnings by roughly $100 million over the past five years. This time around, accounting improprieties in Goodyear's European operations threaten to blow out investor confidence.
After losing a stunning $1.1 billion last year, it seemed as if things could only get better. Nope. Unfortunately, it's not just Goodyear -- the entire industry is running low on air. Rivals Michelin and Bridgestone are struggling as well.
Goodyear has a turnaround plan in place, which calls for trimming expenses by more than $1 billion over the next few years. Fine. However, losing control during the turnaround process often produces a fishtail instead of a catch of the day.
No one likes to see the tire makers struggling. The big three automakers -- General Motors
Worried about Goodyear and its tire-making peers? What about your car? Are you looking to make a move to a 2004 model, or are you happy with your current drive? All this and more -- in the Buying and Maintaining a Car discussion board. Only on Fool.com.