Citigroup Downgrades GM to Hold from Buy

steinravnik said:

Buickman's got a good point. This is definitely a down market not seen in a while, and GM is pretty weak financially. If you pit Toyota with their hoards of cash against GM, Toyota's got a clear advantage. I'm rooting for GM, and things are definitely improving for them product wise, but I'm afraid it may be too late. If they can get the Volt to market as promised, that may be the last hope. Time will tell.

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as we have seen over the years, it's one thing after another at GM, one excuse and reason after another. how many failings do we have to continue to endure before RIR is shown the door. isn't it funny how it is NEVER the fault of management, and I use that term loosely?

IMO it is the fault of disastrous marketing, mistreatment of employees, retirees, dealers, and customers. GM just doesn't have a clue about retail automotive, which just happens to be the business we're in.

they claim selling assets allows them to focus on core operations. I say they do it to enrich the banks who populate the Board of Bystanders. RIR & CO truly don't have the first clue about how to sell cars. they throw money at problems and attempt to buy deals thru giveaways. the day of reckoning is quickly approaching as the well runs dry.

AMERICA 123 said:

- And Buickman ,

Thats part of what matters . When he showed up it looked like it was going to take a 10-15 year period to get 'out' - given all the rest.

( After decades of what we've done on level playing field issues etc. )

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FYI - RIR became CFO under the newly appointed Chairman Jack Smith 16 years ago. he has been "at the top" for way too long. he IS the one to be held responsible and accountable.


http://www.answers.com/topic/g-richard-wagoner

"In 1987, he transferred to GM Canada, where he served as vice - president and finance manager for a year, and then director of strategic business planning for the Chevrolet - Pontiac - GM Canada group for another two. He was promoted to vice - president in charge of finance for GM Europe in Zurich, Switzerland, in 1989 and, that same year, was named to GM's board of directors. While in Zurich, Wagoner helped engineer the purchase of half of the Swedish automaker Saab. Wagoner returned to Brazil in 1991 as managing director of GM do Brazil. He remained there for 13 months, implementing global purchasing and cost - cutting programs and improving the company's operations. He was one of only two top executives to be awarded a bonus that year, a testament to the success of his efforts.

Named CFO, COO

"Wagoner had never worked at GM's Detroit, Michigan, headquarters until 1992, when he was named the company's chief financial officer at the age of 39. "He was young, but it didn't worry me," then - CEO Jack Smith told Fortune. "It was an easy call." The following year, Wagoner also took charge of GM's Worldwide Purchasing Group, and in 1994 he was named president of the company's North American Operations, a position that was considered second only to the CEO. Wagoner faced numerous challenges in this position. At the time he took the post, GM made less per car than any other major automobile manufacturer, earning only half the profit per car as Chrysler. It had been losing market share in the United States almost every year since 1962 and neared bankruptcy. The company "possess[ed] a legacy of inefficiency few corporations can rival," asserted industry analyst Scott Hill in Fortune.

"After his first year as CEO, Wagoner expressed relief that the company had turned the tide under his watch."

yeah it turned allright, decidedly toward bankruptcy. catch the part about on the Board since 1989? that's almost TWENTY years? need I say more?