Bailout Watch 231: GM BOD Hearts Rick Wagoner. Still.

Stein X Leikanger
by Stein X Leikanger
bailout watch 231 gm bod hearts rick wagoner still

The lead outside director at GM, George M.C. Fisher, informs the NYTimes that “Rick is the right guy to lead this management team through this crisis.” Acting on the assumption that GM has any reputation left to lose, all thirteen outside directors are in agreement with the Master Accountant that “bankruptcy would ruin the company’s reputation.” Fisher and his co-directors are “pretty convinced as to the serious damage to the brand from bankruptcy.” He’s right on that score, but doesn’t touch upon whether the fact that GM has been insolvent for close to a decade has given him any pause during that period. Fisher blames the company’s troubles on the dire financial conditions that have blindsided this fine collection of managers extraordinaire – noting that the sales rate in November was the lowest since 1982.

The article does touch upon the fact that “GM has lost huge chunks of market share in recent years, as well as tens of billions of dollars, as consumers have bought cars from foreign automakers in increasing numbers.” Mr. Fisher does not draw the appropriate conclusion: that GM’s near total lack of a reputation worth losing could account for this stupendous loss of customer loyalty.Clearly lots of titans of industry out to salvage their reputations these days. No one wants to be holding the tail of the tiger when GM breathes its last.
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  • Psarhjinian Psarhjinian on Dec 03, 2008
    he is a party to the Illuminati, Bilderberg, CFR, and proponent of a One World Order No, he's just so out of his depth that the fish have lights on their noses. Quote: Never attribute to malice what can't also be explained by incompetence.

  • Indi500fan Indi500fan on Dec 03, 2008

    Dear Nancy, Harry, and Barry: Install Roger Penske or Colin Powell. Inspire the troops. NOW!!

  • Runfromcheney Runfromcheney on Dec 03, 2008

    "What’s worse is Ford and GM are acting like Chrysler is a key part of the equation before Congress. Their unified front is making them all look like dolts when only one really exists." Actually, the only one at the congress meeting who is not a dolt is Mulally. I think he is the only exec in all of Detroit who actually has a brain.

  • Vetteman Vetteman on Dec 03, 2008

    indi500fan . I agree with your suggestion of Roger Penske. He is at the top of my short list of people on the planet that could right this dying behemoth. He has the unique skills that are needed to run a car company and has proven that with his sucess in all his business endeavors. He has been engaged in retail and manufacturing and most importantly knows how to make a buck.