GM and bankrupt parts manufacturer Delphi are being investigated by the Securities and Exchange Commission over their pension accounting and transactions. The move was announced by GM in an SEC filing yesterday.

After receiving subpoenas the companies have said they will fully co-operate with the investigation.

Separately GM's finance subsidiary, General Motors Acceptance Corp. is subject to a Grand Jury and SEC probe into insurers.

Valuation of pension assets and liabilities is at the centre of investigations. Are companies inflating profit or minimising earnings swings using unreasonable assumptions.

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