GM CEO says speculation of bankruptcy 'inaccurate'

[doh]

http://www.reuters.com/article/marke...0080710?rpc=44

DETROIT, July 10 (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) Chief Executive Rick Wagoner on Thursday said speculation that the top U.S. automaker was potentially a candidate for a bankruptcy filing was "inaccurate."

Wagoner, who was speaking to reporters in remarks broadcast by business network CNBC, said GM had no plans to eliminate any brands beyond its Hummer SUV line. He also said GM could cut truck production more deeply if the U.S. market shifted farther toward passenger cars.

"We don't have plans to eliminate any more brands," Wagoner said.

[2002 Caddy]

For the benefit of forum members I will translate "Rick-eese" into English

Originally Posted by doh

Chief Executive Rick Wagoner on Thursday said speculation that the top U.S. automaker was potentially a candidate for a bankruptcy filing was "inaccurate."

Yes "potential" is inaccurate.. Now if you had of asked me "if we were a likely candidate" that is more accurate.

Originally Posted by doh

Wagoner, who was speaking to reporters in remarks broadcast by business network CNBC, said GM had no plans to eliminate any brands beyond its Hummer SUV line.

Look how it turned out when I killed Olds... I won't do that again. Except for maybe Hummer... and Saab... OK GMC too.

Originally Posted by doh

He also said GM could cut truck production more deeply if the U.S. market shifted farther toward passenger cars.

What!? The market is shifting toward cars... when did that happen? Why didn't someone wake me? Is today Thurday... Is it still 2008?

Originally Posted by doh

"We don't have plans to eliminate any more brands," Wagoner said.

We don't need to, the customer is doing that for us.

[ByTheLake]

Speculation of GM's bankruptcy is premature ... now, next week, that might be another story.

[Buickman]

I have plans to eliminate a brand...of management that is.

[HoosierRon]

Eliminate brands, no. Sell, maybe.

No one would buy Buick, Pontiac, GMC or Saturn. Hummer and Saab, however, are a different story.

[Chaz_23]

Hmmm. Why is his answer so weak? "Inaccurate." That doesn't sound convincing. How about "flat out wrong" or "completely ludicrous" or "ridiculous".
Very unleader like.

[2002 Caddy]

A more accurate quote would have been

Originally Posted by doh

"We don't have plans" Wagoner said.

And yes the "inaccurate" quote is also unleader like...

But I have taken media relations courses in my job...
You are taught that if you are in trouble.... make "soft" statements and hope the news story "goes away". Most news stories only have "legs" for a day or two TOPS...

BUT If you say something "flamboyant" like
"There is no freaking way this company is going broke it is as stong at is has every been"

That just begs a counter quote from a Harvard Business Prof or WSJ talking head who will give a clinical review of how bad the books are for GM... and this
1) Makes things worse and
2) Gives the story "legs"...

As much as Rick's leadership rubs me the wrong way...
"inaccurate" was the correct response from a media management POV.

Of course the obvious thing to note here is that if the Books weren't in such a mess he COULD make STONG statements.

[Buickman]

Originally Posted by 2002 Caddy

A more accurate quote would have been



And yes the "inaccurate" quote is also unleader like...

But I have taken media relations courses in my job...
You are taught that if you are in trouble.... make "soft" statements and hope the news story "goes away". Most news stories only have "legs" for a day 72 hours TOPS...

BUT If you say something "flamboyant" like
"There is no freaking way this company is going broke it is as stong at is has every been"

That just begs a counter quote from a Harvard Business Prof or WSJ talking head who will give a clinical review of how bad the books are for GM... and this
1) Makes things worse and
2) Gives the story "legs"...

As much as Rick's leadership rubs me the wrong way...
"inaccurate" was the correct response from a media management POV.

Of course the obvious thing to note here is that if the Books weren't in such a mess he COULD make STONG statements.

nothing better than someone who puts their money where their mouth is. knew there was a reason I liked you. "woman scorned"? yeah right, the fury's worse with an investor scorned.

[RamJet502]

"Inaccurate" sounds like they are filling out the paperwork now. I wish he had said "rediculous".

[wildgoosechase]

Rick is right, GM is unlikely to declare bankruptcy this year. Next year they will have burned through their cash and may qualify to reorganize.

[63GrandSport001]

As long as Rick is running things its accurate.

[mbukukanyau]

North Americans are soo narrow thinking.

Has anyone not noted that outside your little world GM is growing in double digits?

[CobaltSScrazy]

I hope its inaccurate and I hope GM pulls through 2010 and VOLT becomes TAURUS part 1 for GM.

CRUZE should do well and hopefully BEAT gets over 45MPG gov't ratings.

If those things start happening and Malibu gets a CRUZE/INSIGNIA like overhaul in about 2 years then we are in BUSINESS gentlemen.

Can't wait for CTS MCE on top of a 3-series size and price car launch!

CobaltSS

[tkrelston]

Originally Posted by Buickman

I have plans to eliminate a brand...of management that is.

Get a da*m job at a Toyota dealership already!

[2002 Caddy]

Originally Posted by mbukukanyau

North Americans are soo narrow thinking.

Has anyone not noted that outside your little world GM is growing in double digits?

Simple because losses from GM NA is completely swamping any growth that is happening in Europe, Latin America or Asia...

So your POV is that we should save the company by shutting down North America Operations? Interesting... I don't think anyone has posted that suggestion yet...

The stats for GM as a global entity are
1) Total Assets 150 Billion
2) Total Liabilities 184 Billion
3) Net shareholder Equity -34 Billion (nice)
4) Total Market Capitalization 5.5 Billion
5) Global Net income -800 Million per month

GM Europe, Asia and Latin America are keeping the home fires lit... But for how long?