GM CEO Rick Wagoner and Reality Announce Divorce
Bob Lutz better watch out; his boss is challenging him for the title of Most Delusional Person on Earth. After the Olympic Games' opening ceremonies, Rick Wagoner told Financial Times, "I would say, from an assembly perspective [the pain] is largely behind us." And even though GM has had to cut large chunks of their workforce, is losing market share on an almost daily basis and flushed $15.5b down the toilet last quarter, he feels they're in "a pretty good position." Since the interview was in China, the discussion turned to their Chinese operations. "This has been miracle story from our perspective. For me it's the replay of the US auto industry in the 50s, 60s, 70s, but the upside potential is dramatically greater." Correct me if I'm wrong, but aren't those the decades when GM began, advanced and perfected the brand dilution and model overlap that brought them to the point they are today? And when someone pointed out that analysts expect sales growth in China to slow drastically this year, he didn't care. "That's not something we are losing sleep over." Of course, with the golden parachute he has strapped to his back, he probably doesn't loose any sleep over very much of anything. His private little world must truly be a wonderful place to live in.
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