The Securities and Exchange Commission is investigating the details of pension accounting and transactions between GM and bankrupt spin-off Delphi. This, of course, has to do with untangling the $11B web that is Delphi's pension obligations, some or all of which may now have been shuffled to GM as part of the original 1999 spin-off agreement. DCX also finds itself in the SEC crosshairs, as part of what sounds like a more routine (but not more fun) investigation into the funding levels of corporate pension funds. It's probably a fair guess to say that this was sparked in part by the announcement earlier this month that GM and the federal government's Pension Benefit Guaranty Corporation have a $33B disagreement over the state of GM's pension fund (the feds say it's short by $31B; GM says it's overfunded by $2B).

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