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Re: Suggestions for GM's Plan to Congress???
the Board of Bystanders wouldn't remove him, maybe Congress will.
Red Ink Rick lost over $70 Billion in the last few years. GM can’t afford the interest on the debt they already have. loaning dollars to Wagoner is akin to giving an alcoholic a bottle of wine.
in 94 he became CFO without an accounting degree. our financials are still in disarray with “material weaknesses”
heading NAO he lost gobbs of market share.
becoming CEO in 2000, he took over a company worth $66 Billion with a solid dividend and decent balance sheet. whoops there it went!
he drove Olds into the ground, starved Buick nearly to death, spun Delphi but kept the liabilities, then sold us on surrending GMAC which he claimed would increase their ratings and lower cost of capital, ya right Rick!
he blew Billions on Fiat and hundreds of millions on legal fees and even more on investment banking “advice”.
oh and those pesky folks over at Fitch, S&P, and Moody’s.
better stop here, I’m getting ill…
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