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GM’s Wagoner Says Collapse Forced ’Re-Invention’ of Automaker

6K views 98 replies 45 participants last post by  ford&holden 
#1 ·
March 20 (Bloomberg) -- General Motors Corp., if it survives, won’t resemble the money-losing behemoth that Chief Executive Officer Rick Wagoner brought before Congress in search of aid last year, he said.

GM is shedding the Saturn, Saab and Hummer brands and cutting 47,000 more workers worldwide -- leaving half as many as when Wagoner took over in 2000. The United Auto Workers union is giving up most of the expensive perks laid-off workers enjoyed to cushion economic downturns and taking on expensive health-care costs.

“This is really, in substance, about re-inventing General Motors,” the CEO said in an interview yesterday in his Detroit office.

Wagoner, working for $1 a year since taking government money in December to avoid bankruptcy, said his primary focus has been to prove GM’s viability to President Barack Obama’s automotive task force so the company can keep $13.4 billion in U.S. aid and win permission to borrow as much as $16.6 billion more.

Shrinking GM “is what they needed to do all along,” said Jim Hall, principal of 2953 Analytics auto-consulting company in Birmingham, Michigan, and a former GM engineer. “It was only going to happen by disaster. This was GM’s ‘come to Jesus’ moment.”

http://www.bloomberg.com/apps/news?pid=20601109&sid=aIQJ_pxza4Eo&refer=home
 
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#2 · (Edited)
By my count this is the third time that Rick and other GM CEO's have come up with deep thoughts like this... The first time I can remember was in 2000 when OnStar was starting to really catch on and was becoming widely available... GM was going to reinvent itself into a telecommunications company that delivered its service with a new car attached...

Then around 2005 when someone noticed that the ONLY part of GM that was making any money was GMAC... Then we were going to reinvent ourselves into a Financial company who happened to make a car now and then.

And now that the Telecom, Finance AND Car markets have all collapsed GM is going to reinvent itself as what? A hairstylist and beauty salon?

How about since legacy Healthcare commitments are sucking us into a Ch11 Black hole, howsabout we reinvent ourselves as an HMO?
 
#6 ·
By my count this is the third time that Rick and other GM CEO's have come up with deep thoughts like this... The first time I can remember was in 2000 when OnStar was starting to really catch on and was becoming widely available... GM was going to reinvent itself into a telecommunications company that delivered its service with a new car attached...
Three times a charm?
 
#3 ·
So they are saying that they were forced to make the decisions they should of been making all along? Why do they still have jobs????
 
#7 ·
Why does anyone give The Hair Piece the time of day these days?

GM has done nothing of substance to make itself a better company; while Ford ACTUALLY WAS SELLING its unneeded divisions, GM was CONTEMPLATING the fate of theirs. Since it can't find buyers because it lingered too long in CONTEMPLATION, chances are divisions will dry rot without any positive payoff to GM.

GM still hasn't show a commitment to hybrids. It dabbles. While Ford expands their lineup of REAL HYBRIDS, GM pulls out $75k Cadillac hybrids - and I use hybrid loosely here because GM has lied so much about labeling non-hybrids as hybrids, I don't know if those latest "hybrids" are really hybrids.

The Hair Piece hasn't fired anyone - he hasn't been fired. The decision makers who drove Miss Daisy into the ditch are the same ones trying to drive her out. GM didn't plan financial plans on their own to ensure they had lines of credit without Government help; Ford did.

GM has lost marketing advancement to Hyundai who has managed to build sales (or limit losses) with a plan to instill confidence in GM. A report today says a full 12% of the buying public won't even consider GM now for a purchase because of the mess GM is in - the threats and speculation of bankruptcy - this is not evidence of a company managed by people who "get it!"

I'm sorry but GM hasn't changed. Only the version of their story has changed. They are the same idiotic company which has managed to fool many while driving off the cliff.
 
#8 · (Edited)
Complaints aside there was no way that GM could get the UAW to make material concessions, pull the plug on many dealerships, spin off brands, break contracts with suppliers, etc without a drastic event such as this recession. GM has so many 3rd parties with a major say in their operations they are more like a communist entity than a capatilistic one. They were literally stuck being huge. How can you shut down Saturn and Hummer without billions in lawsuits? How can you get the union to make big concessions without shutting the whole company down with a strike. How could you break supply contracts (for less purchases due to shutting down Saturn) without major lawsuits and/or the supplier going under? Can all of you people saying Wagner isn't doing a good job answer these questions? Downsizing and saving GM is virtually impossible without Government support and intervention.
 
#12 ·
Complaints aside there was no way that GM could get the UAW to make material concessions, pull the plug many dealerships, spin off brands, break contracts with suppliers, etc without a drastic event such as this recession. GM has so many 3rd parties with a major say in their operations they are more like a communist entity than a capatilistic one. They were literally stuck being huge. How can you shut down Saturn and Hummer without billions in lawsuits? How can you get the union to make big concessions without shutting the whole company down with a strike. How could you break supply contracts (for less purchases due to shutting down Saturn) without major lawsuits and/or the supplier going under? Can all of you people saying Wagner isn't doing a good job answer these questions? Downsizing and saving GM is virtually impossible without Government support and intervention.
The only useful post in this thread thus far.
 
#10 ·
This snippet kills me....
Wagoner, who has been lampooned in Saturday Night Live skits and vilified for his central role in the auto-industry collapse, said he’s not been asked by the government or his own board to resign and his plan is to finish the restructuring.

“I do it because it’s important and I feel like I have a responsibility to do it,” Wagoner said. “I plan to stay here until we get things well in shape and on track and beyond that, we’ll see.”
No Mr. Wagoner.... You "do it" because it is your job. Stop trying to make it sound like you care about puppy dogs and kitties and little kids in 3rd world countries who are starving. You are the Chief Executive Officer of GM. You have a company to run successfully. That which it has not been doing since you took the helm.
 
#16 · (Edited)
People need to understand the magnitude of change at GM since 2002. Let me put it in perspective. In 2002 GM had some 500,000 North american employees. Today it has about 100,000. Thats 400,000 people less in 7 years. While the public may think GM has bloated ranks as a mid level engineer who manages no one there are exactly 7 people between myself and Rick Wagoner. The halls of the main engineering center echo and one quarter to half of the buildings at the tech center are virtually empty or closed.

This began happening way before november of last year.
 
#24 ·
The halls of the main engineering center echo and one quarter to half of the buildings at the tech center are virtually empty or closed.
This is the part that scares me. The folks who work in those places imagine, design and test the parts and pieces that come together to make the world's finest automobiles.

I hope they aren't mortgaging their future, but this post makes me feel like they are.
 
#22 · (Edited)
^What you are saying is that they need to replace Wagoner with Mulally from Ford.




I would say that GM needs to move corporate and R&D to Houston or Austin, and start attracting great yet affordable business and engineering recruits from all over the country.

I often think that GM's vision doesn't reach much farther than the midwest. Moving out to Texas or California would open things up a bit for them.

Even if GM survives, the UAW likely won't the way that it's known today.
 
#37 ·
“This is really, in substance, about re-inventing General Motors,” --Wagoner.


hahahahahahahaha hahahahahahahahaha hahahahaha ahahahahahahahahaha ahahahahaahahaha hahahhaahaha ahahahaha hahahahah ahhahahaha hahahahahaha ahahhahahahahahahaha hahahahahaha hahahahaha

:lmao: :lmao: :lmao: :lmao: :lmao: :lmao:
 
#38 ·
using the same products we have today, and on the way, Return to Greatness would gain us 5 points of market share within 6 months at less expense than what we have currently.

for those who doubt me, check the record...how wrong have I been so far?
 
#51 ·
I know GM has to shrink but not moving Saturn into BPG is a mistake. Making Saturn the small vehicle division with a European flavor would be the way to go. Also, shutting down the brand is going to cost alot of money. I dont know if making compact Buicks is the way to go. By moving Saturn into BPG would also make it alot easier to shut down a brand by phasing them out if they choose to go that route. What do you all think ?
 
#49 ·
Chevrolet/Cadillac/GMC producing world class product "internationally" the U.S is a small percentage of the total population, and your bean counters are ensuring that you matter as much as a $0.01 Chinese citizen. We can't win. Burger flippers are worth $0.25 an hor, Presidents $10.00 an hour.Think about it America, we are feeding the fat cats prime rtib, and eating $hit ourselves.
 
#55 ·
I love Hyundai's program and think it is a stroke of genius. In the event that a customer does have to turn in their car not only do they lose the car but they lose all the money they put into it. Customers don't want to forfeit their car AND money when they'll have to get another car at some point in the future anyway. People on a budget, which is most of America, who are buying cars absolutely cannot afford the luxury of throwing money away like that.

GM really needs to try this with Chevy.
 
#57 · (Edited)
I'm disgusted at the way this great company is being run (and has been run for the past 3 decades).

The "re-invention" should have happened prior to the collapse thereby preventing the collapse in the first place. That is the job of the CEO. If he couldn't see the mess that GM was in with 8 brands in a single market, and if it took the near collapse of the company for him to realize that, then he has ZERO business being the CEO of this company.

Now they're asking for billions more. WHY WHY WHY would I want a CENT of my taxpayer money going to a company being run by this management? It's obvious they have no clue and are just going with the flow and making decisions only when they're faced with the inevitable.

This is MADNESS.

American companies are being run into the ground NOT by the Japanese or Koreans or whichever new group some of the retards in this forum choose to hate. They're being run into the ground by AMERICANS - GREEDY, UNDISCIPLINED, SPINELESS, SELF-GRATIFICATION SEEKING, VISION-LACKING AMERICAN MORONS. If people can't understand this and just choose to pass the buck, then there will NEVER be progress.

This kind of greedy mentality is eating the country alive and hopefully this recession (or whatever you want to call it) brings people back to earth. This cultural epidemic (i.e. self >>> all else) extends from the common man all the way to company CEOs and it is at the highest level that the problems reveal their full destructive potential over the long term.
 
#62 · (Edited)
See my first post earlier in this thread - I don't think turning around the beast called GM was possible without a drastic event such as this. And if you disagree can you tell me how exactly they were supposed to fix the mess taking my points into account? Even if GM had the best product over the past 40 years the same thing would have happened - in today's world of international trade it is nearly impossible for them to hold on to the market share required to maintain their size. And at every point of their attempts at downsizing the unions, suppliers and dealers would have blocked GM. And yes, some poor management thrown in there didn't help either. It isn't realistic to assume all of the CEO's over the past 30 years are idiots and didn't realize the situation.

I think the situation at GM is extremely different from the Wallstreet mess. Wallstreet is pure greed and the mess we are in now could have been averted. Yes, greed (of the unions, dealers and suppliers with too myopic of a view to understand what was happening) is part of the issue at GM but their unsustainable size of 30 years ago in today's market is the core of GM's problem. And if Wallstreet hadn't destroyed our capital markets GM would not be asking for handouts today. Wagoner has done a good job in realizing they needed better product and has brought us good cars. He has made the unions realize real concessions were needed.
 
#59 · (Edited)
I watched TV today for a little while today and I happened to catch a GM commercial and it was very similar to the last GM commercial that I remember watching.

To make it short, this was the essence of the ad - "SALE SALE SALE, DISCOUNT DISCOUNT DISCOUNT"

Where is the product being advertised? Even when the product is being advertised, it's usually coupled with SALE SALE SALE at the end.

Don't be fooled - the domestics are in the EXACT same boat that Hyundai is in - a massive image and perception problem. As many retards there are on this forum ridiculing Hyundai as cheap garbage, there millions more out there doing the exact same but with domestic automobiles in mind.

The difference being - Hyundai is actually doing something about it from a marketing stand point while GM's marketing is.......well really, I have no words to describe how terrible and horribly ineffective it is.

Post 2002, Hyundai has been coming on very strong. They've had rather dowdy product from a visual design perspective so far. But now with their latest designs, they're really firing on all cylinders. One of these days, after their management back home figures out that having 2 brands, catering to what is basically the same market, is a bad idea, they'll be a true force to reckon with. (but it's ok, the domestic management here thought it was ok to have 8 brands all doing basically the same thing)
 
#64 ·
I am so sick of the word "turnaround". GM has been in a state of decline for 30 years and in particular under Wagoner. this company made billions in the Depression but then we had superior management. don't tell me about how it would be impossible to maintain market share in today's world. GM virtually gave away it's market. I will say though that, more and more, people are recognizing the failure at the top and beginning to place the blame where it belongs.
 
#66 ·
Fine - they did give away market share and were arrogant - all sins of the past. What are they supposed to do today? And what was Wagoner supposed to do? Give me real answers, not the generic shut down divisions, better marketing, fire everyone etc. I bet everything you list out will have required huge amounts of cash. Something GM hasn't had in the past 20 years.
 
#75 ·
By Popular Request
Jim Dollinger
...
Friday, December 2, 2005
GENERAL MOTORS
RETURN to GREATNESS
www.GeneralWatch.com


: Introduction

RETURN to GREATNESS

The Improvements

STEP ONE: Elimination of Destination Charges. "The Return" announcement proclaims, “If you want to pay freight, get a foreign car”. This is mindful of Iaccoca's proclamation, “If you can find a better deal, take it.” This worked for Lee, and showed his tenacity. He earned Chrysler respect and admiration by showing true leadership. He had gumption and people like that. It's an attraction. The problem with GM is that we are seen as softies, and losers. Taking a stance, and actually giving customers something easy to understand, and appreciate, will be a tremendous opening salvo. It will set the competition back on their heels, and let people know we are serious. This step begins our weaning process from the devastation of rebates. We can work towards effective net pricing, and earn goodwill in the process.

STEP TWO: Elimination of Mid Year Price Increases. Ten days after the original announcement, we release the next step. The deceptive practice of incremental increases only clouds the purchase process. Customers will perceive us as doing something positive and beneficial, rather than sneaky, and underhanded. We will earn more goodwill without any true expense.

STEP THREE: Quarterly Incentive Changes. No more pressure to buy now, hurry before it ends, only to be followed by another program. This repetitious process, which has been our norm, destroys credibility, and works against us in many ways. How many times has a customer purchased, only to have the rebate etc. increase the very next day? The effect of this goofiness has customers riding around in their new cars and upset that they just missed an opportunity. Let's create some stability, and simplicity, in the marketplace. Give customers’ confidence in their decisions, and provide the right amount of time to make informed choices. Give the customer the opportunity of ordering the vehicle of their liking, without worrying what the deal might be. Also, allow the retail personnel an appropriate amount of time to properly sell, and deliver, the unit. This would be preferable to slam dunking folks who are under the gun to meet a deadline, and who end up less than completely satisfied with their delivery process. Quarterly adjustments only make sense, and give the business a well-needed sense of order.

STEP FOUR: Destination Detroit. This idea brings all future award-winning dealers and salespeople to the Motor City. The benefits are countless. First, we would be more effective in focusing the meetings, and events, on the business at hand. Rather than desert tours and polo matches, we entertain showing Motown's finest offerings. Have the individuals tour Milford Proving Grounds, drive on the test track, witness a crash in order to illustrate safety testing, go through the Styling Studio and expose future designs. Allow them to meet with engineers, and see the inner workings of corporate headquarters. We pamper the spouses with our city's best services. At the conclusion, we send them back home ecstatic about GM, and Detroit. These actions would build goodwill for our city and company, and spread it throughout the country. Meanwhile, our executives can stay at home, which would be very good for their family lives, and our expense column.

STEP FIVE: Home Deliveries. We announce an effort of working with our dealers to bring to the customer the vehicle of their choice, directly to their place of employment, or residence. Most customers either dread, or dislike, the dealer experience. Offering this free service would further build goodwill, and lead to customer appreciation. I've made an entire career out of this offering. People absolutely love it, and this is responsible for more sales than anything I've ever done is. Once we begin this process, our competition will probably follow, but hey, we'll be seen as the leader for a change.

STEP SIX: Got GM - Get GM. It is a loyalty incentive that anyone can comprehend. If you currently own, or lease, a GM vehicle, you receive $1,000. It is stackable, and compatible, with any offering, transferable to family member at the same address. No goofy rebate if you own a non-GM car. Who thought of that one anyway? Why reward disloyalty, or have to ask customers if they own a competitive product? Let's only give something to those who already support us. If the customer is not eligible, oh well, next time they will be. The program should be renewed annually, and left in force all year.

STEP SEVEN: Annual Model Change. This is big. Sloan came up with this idea for a reason. It evened out the seasonal fluctuations in sales. Whoever got the bright idea to come out with a car whenever it's ready really did not understand the car business. How many of you remember the anticipation of the fall's New Model Introductions? Let's return to the regular release of new products after Labor Day, and return a sense of order to the business. These days we're selling three different model years side by side. That is very confusing and damaging. Some things should never change, and this is one of those things.

STEP EIGHT: Dealer Margin. We will let our retail partners know they have something to gain in our quest to regain share. For each full point of share we regain, we give the dealers another point of margin. They can use this additional margin to do more advertising, or salesperson incentives. They could increase levels of service, carry more inventory, hire additional staff, or retain extra profit. They are the ones with the investment, and best understand their local markets. Let them decide what to do with the money. Maybe multi-line dealers will see the benefit in moving our products, rather than those of the competition.

STEP NINE: Day at the Dealer. Each month, every salary member of VSSM would be required to spend one day in a randomly selected dealership service department, preferably in write up. This activity would build tremendous goodwill, and give our employees valuable insight into the customer's needs and wants. Actually getting to know GM employees would give customers a sense that GM has a face. They would begin to see us as human beings, rather than an impersonal Corporation. The dealers would benefit by having additional support in their service lanes, and be able to offer quicker, more responsive service on those days when executives were there to assist. Customer satisfaction would increase, as would repeat and referral business.

STEP TEN: AARP. This is a fantastic demographic, and another opportunity to simplify incentives. Make it a year-round program. If you belong to AARP, you get $500 off any GM product, buy or lease. Make it compatible with all other offerings, and leave it alone. People ask about it all the time anyway. They feel cheated seeing it after they've already made a deal.

STEP ELEVEN: Brand Merchandise: Include with each delivery a coupon for $50 off, or towards, merchandise from an affinity catalog. For each brand, have a booklet full of things such as shirts, sweaters, gym bags, coats, golf bags, etc. The end result would be people going to nightclubs and health clubs, churches and stores, sporting our logos, and providing us with free advertising. This activity is of a personal nature, and would do wonders toward building strong brand image and awareness.

STEP TWELVE: Auto Shows. Instead of the current practice of giving rebates to certain residents of surrounding counties, let's offer Auto Show tickets to those who test drive our products. This would bring people into the stores, and provide an inexpensive gift that would be remembered as the customers enter, and exit, the shows. We would be the good guys who gave them something concrete as the sponsor of their attendance. The gift could possibly be made to include early entrance, or access on special days.

STEP THIRTEEN: Profit Sharing. At year end, instead of giving our employees a cash award for profit sharing, give them the choice of common stock. Have them become true partners in the company's success. Owning stock would increase the employee perception that they are part of something, and would be more meaningful in the long term than a few dollars easily disposed of.

STEP FOURTEEN: Executive Cars. Quite often, GM executives turn in their factory demos for sale with the odometer just under the next price discount level. This practice is both frustrating and annoying. The inconsiderate action toward fellow employees, and retirees, is inexcusable and unacceptable. GM needs to announce a policy of driving the unit to the next mileage category whenever the driver is within say 250 miles of the next price break. How can the company promote unity when a few individuals think they are being cute? I've seen units turned in three miles short of the next discount, more than once. What does this do for morale?

STEP FIIFTEEN: Referral Savings Account. Similar to the GM Card (another crisis), GM announces a program to accumulate savings of $50 for each referral who buys, or leases, a new vehicle. The referral must be disclosed prior to delivery, and would be similar to what we commonly refer to as a birddog. The account holder could then cash the savings in at the time they take delivery of their own unit.

STEP SIXTEEN: Free GM Smart Care Maintenance Agreement to all GM Retirees. This 36 month/36,000 mile program would offer free recommended maintenance to all GM retirees. The benefit would be great in the number of customers brought in for dealer service. This group of people has tremendous purchasing power, and exerts a large amount of influence over their family members’ buying decisions, often contributing financially to the transaction. Also, increased showroom traffic by our service customers, would lead to increased sales to those individuals, and to others who feel more comfortable buying when there is heightened activity.

STEP SEVENTEEN: GM Card. This was one of the best programs GM ever had. That was until someone decided to take earnings away from eligible GM family members, and thereby alienate thousands of employee cardholders. Many people swore off GM for the move. Some form of retribution needs to be made. Consultations with the legal staff could result in some form of program to attempt to bring those lost, back into the fold.

STEP EIGHTEEN: Sales Guilds. For years GM had brand specific sales guilds. Now, everything is combined into the GM Mark of Excellence. It's a decent enough program, but there would be a greater impact if we returned to the old days of Buick Salesmaster, and the Chevrolet Legion of Leaders. These former groups built a sense of loyalty and awareness for each carline, and gave salespeople their own individual rankings within respectively common professions.

STEP NINETEEN: Direct Factory Communication: Imagine going to your local dealer and ordering a new vehicle. From that point on, you might receive a call from your salesman with an update as to the order status. Usually though, no contact is made until the vehicle arrives. Utilizing the internet, GM could send information directly to the customer, informing them of their order's progress at the various stages, including when the vehicle is scheduled for production, after it is actually built (including the new VIN), and the estimated shipping, and arrival, dates. This increased communication would lead to greater awareness and satisfaction, as well as anticipation.

STEP TWENTY: Reinstatement of GM Regional Sales Training Classes. Years ago, GM offered professional sales development classes at the Regional Training Centers. As one who attended these seminars, I can attest to the benefit of the experience. I learned many things that still contribute to my success, even to this very day. Who better than GM to train salespeople as to the proper way to present our products, and follow up with our customers? The manufacturer knows more about the product than anyone, and should be able to give competitive information beneficial to those who need it in today's hotly contested environment. I believe this is far superior to our current system of computer testing in order to fulfill merit award requirements. I'd say roughly half of the time today, savvy salesperson’s subcontract out their testing on the computer to those adept at answering multiple choice, and working online. This process sidesteps the purpose of giving our salespeople the information, which improves their competitive performance.
Buickman, you take a great deal of heat at GMI and on other boards, and in many cases, deservedly so for the way in which you criticize Rick Wagoner and the board.

Put your marketing plan front and center, show how your plan would correct the impacts of horrendous business decisions, and leave it at that. We don't want to see "hosehead Rick" this or "buttwipe Rick" that. It just isn't professional.

Your marketing ideas are genius but a significant part of marketing your ideas stinks.
 
#69 · (Edited)
Yes Buickman - I do remember reading that awhile ago - overall excellent and I wish they would have implemented those ideas. But doing that would have taken time to turn around the company and say they did implement two years ago and then this recession hit? Same boat - they would still not been in a stong enough position to weather this storm. Wagoner has been the only CEO to admit their product was lacking and needed someone who could bring greatness to their cars. Now we have the Malibu, CTS, etc - the cornerstones to a successful company. But there is this recession thing again.

Sorry - that wasn't very coherent. Bottom line is that they were turning it around. Union concessions, good product comming out - but this recession is a major game changer and GM needed another 5 years to be in a strong enough position to weather this storm. My major point is that GM is not like other companies and can not be turned around in 1 year. Yes, it has been frustrating watching the slow spiral downwards over the past 30 years. But to expect Wagoner or anyone else to turn it around in even 5 years and through this recession is rediculous. Ford is on a good path, but they are not even remotely safe. The only difference there is they had the loans lined up where GM didn't. GM didn't because they were on the path to recovery, Ford wasn't.
 
#70 ·
Yes Buickman - I do remember reading that awhile ago - overall excellent and I wish they would have implemented those ideas. But doing that would have taken time to turn around the company and say they did implement two years ago and then this recession hit? Same boat - they would still not been in a stong enough position to weather this storm. Wagoner has been the only CEO to admit their product was lacking and needed someone who could bring greatness to their cars. Now we have the Malibu, CTS, etc - the cornerstones to a successful company. But there is this recession thing again.

please consider that this partial disclosure of RTG is from years ago. not only was there plenty more then, but it has been refined and further developed over time. I have continued to visit dealerships and communicate with people across the country. since we've tried everything else, isn't it time to consider something that will actually work? individuals, families, businesses, and communities are suffering nationwide. be assured, if we were selling more cars things would improve.

again, I don't possess the knowledge or experience to run General Motors. nor do I have the desire. I am though passionate in my belief that RTG would bring GM back by profitably increasing market share. my prediction is five points of share increase within 6 months of implementation and a stock price back over 20. no more plant closings, benefit eliminations, wage reductions, or government intervention. we become what we used to be... LEADERS!
 
#74 ·
The mess is kinda like the overweight patient who is 150 pounds overweight, is now a diabetic with heart disease. 30 years ago, he was 20 pounds overweight, no diabetes or heart disease. His doctor now says reform, reduce or you'll die, and suddenly he gets religion, goes on a diet, eats healthier, starts to exercise, and suddenly he has a heart attack. You can blame him, or say, it's all rearview mirror stuff. You can't change yesterday.
There is plenty of blame to go around, but what matters most is what is done today and tomorrow. GM must survive, whether through Chapter 11 or government-aided debt reductions and labor changes. I don't blame Rick Wagoner, who inherited the 145 pound overweight, diabetic heart diseased body, but he is the one who needs to fix it. Maybe an outsider like Mulally would be a better choice, but he would have to have a great deal of auto company knowledge to make an immediate impact. In the short term, Rick is the man, or someone in GM with similar credentials.
 
#81 · (Edited)
I will say the tide is turning against Red Ink Rick, but that's not really a surprise given he's lost the entire valuation of the company, destroyed the stock price and eliminated the dividend. GMAC spun, Olds gone, BPG on the ropes, debt we'll never repay, junk ratings, Opel soon sold off and a string of product failures. not to mention the Desert Proving Grounds, Warren Real Estate, Allison, Electromotive, the Fiat Fiasco and the Delphi Debacle. this guy should have been bounced long ago. how come no one warned us? oh yeah, I did.

I may not be qualified to run GM, but I damn sure could do a better job than Wagoner. even though Alan Shore's name isn't on the sign, he's a better lawyer than Denny.
 
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