Delphi woes continue

It was another tough week for component supplier Delphi, which accepted the resignation of two more top executives as the fallout from an accounting scandal continues to take its toll. By the end of this month, they expect to restate their earnings for three of the past four years, and one can safely assume that the new numbers won't look better than the old ones. Considering that they were the first corporation in the US to comply with the new accounting laws passed in the wake of the Enron fiasco, this sort of attention has to be somewhat embarrassing. While all of this is going on, Delphi is also looking to sell or close six of their UAW-controlled factories, with the potential to further impact the already-suffering supplied-component industry.