GM BOD: Bankruptcy IS An Option
While steering the artist formerly known as the world’s largest automaker into career suicide, GM CEO Rick Wagoner has steadfastly maintained that “bankruptcy is not an option.” As many members of TTAC’s Best and Brightest have pointed out, that kind of stonewalling A) Is insane and B) reveals guarantees a class action lawsuit against GM’s Board of Bystanders. The Wall Street Journal reports that the Board has released a statement which illustrates their feeble-mindedness, managerial paralysis, blantant cowardice and compelling desire not to end up folding shirts at a federal prison farm. “GM said the board had discussed bankruptcy but didn’t view it as a ‘viable solution to the company’s liquidity problems.’ The board “is committed to considering all options in light of circumstances as they may develop.” In other words, NO BANKRUPTCY. Unless there is. Meanwhile, the Journal hints at disagreements between Board members and Wagoner, the company’s CEO AND Chairman.
In reality, GM’s Board of Bystanders have singularly failed to exercise proper oversight over GM’s management. They should have pulled the plug on Wagoner back in February 2005, after the CEO pissed-away another $2b on a FIAT deal that should never have happened in the first place. Or soon thereafter, when it became abundently clear that Wagoner was selling assets and draining foreign funds to pretty-up GM NA’s redink soaked ledger.
The chief culprit in this do-nothing disaster: lead director George Fisher. How the retired chairman of Eastman Kodak Co., the man in charge of another industrial giant that took a heroic dirt nap, came to control GM is another story. Suffice it to say, several times in recent years, George has voiced his support for Mr. Wagoner, even as the automaker descended into disaster and, wait for it, insolvency.
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