BusinessWeek: GM CEO Wagoner is on Borrowed Time
After GM racked-up a $39b third quarter deficit, BusinessWeek (BW) wants to know if GM CEO Rick Wagoner is finally ready to unfurl his golden, bankruptcy-proof parachute. Their answer: maybe. Clocking the "muted" reaction to GM's latest losses, they attribute Rick's survival to the loyalty of GM's employees and board of bystanders directors. However, BW also notes the status may no longer be quo should the fourth quarter reveal "any more nasty surprises." Perhaps they should also question the longevity of CFO Fritz Henderson. Fritz reacted to GM's arterial spray by dropping such bon mots as "the economic pace and the market are certainly … something we need to be cognizant of." Up with this insight stockholders should put? What of "we're not signaling [their seasonally adjusted selling rate is] worsening or anything, but today it's certainly below trend"? This after GM missed their mark by about a million vehicles in October. In any case, it looks like the mainstream media is– once again– beginning to smell blood in the water.
More by Frank Williams
Comments
Join the conversation
I do not think what I told you is what you thought i did not mean to imply that you meant. That makes about as much sense. How can a business concern book a 39 billion dollar loss and keep afloat? Are the side companies going to take IOUs from GM?
Ya know, I see these "Where are all the Lee Iaoccocas" comment, and I can only think of one thing. I was reading an excerpt of his new book, and he basically said it is the job of the US government to bail out Chrysler. Yeah, right.
1st, the mainstream media, especially the auto pundits should have been raving for years for the ejection of the board of no-nothings and Wagoner. loyality, where else you going to make that much money for not knowing anything about your job.
Ricks the captain,he goes down with the ship.As Katie P points out, if walks now he unscathed.I wish I had a lifeboat.