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 [s]bystanders[/s] 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.