Jerry York: 2010 GM IPO "The Dumbest Thing in the World"

Robert Farago
by Robert Farago

You can certainly understand the feds’ desire to make GM’s nationalization look like a temporary measure rather than the economic quagmire that is was, is and will be. But anyone with half a brain knew that the not-so-dynamic duo’s suggestion of a 2010 share offering was about as believable as the idea that the U.S. government can save money by creating a new entitlement program. OK, less. Add Jerry York to that half-a-cranium club. Speaking at The Reuters Auto Summit, the ex-ChryCo exec, former GM board member and Kirk Kerkorian front man called any discussion of a 2010 GM IPO the “dumbest thing in the world.” Seems that “They’re not going to be able to make up all the volume that they had with the four brands they are shedding with four brands they are retaining . . . I think that inevitably their market share is going to go down a point or two just by virtue of shedding those four brands.” Saying that, after saying that, Jer’ added some kind words to his piercing glimpse into the obvious. Mr. York praised New GM’s old management. “They’ve done a lot of the right things and we’ll all know in another six to nine months whether they need to do more structurally.” I’m guessing . . . yes!

Robert Farago
Robert Farago

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  • Ruckover Ruckover on Nov 03, 2009

    Not bad, it only took five posts about a un-related topic to get around to blaming the UAW for all of Detroit's problems.

  • Buickman Buickman on Nov 03, 2009

    God Bless America, and The UAW.

  • Mtypex Mtypex on Nov 03, 2009

    "God Bless America, and The UAW." They're gonna need it.

  • Mwilbert Mwilbert on Nov 04, 2009

    Note that the fifth comment combined irrelevant union-bashing with an irrelevant, ignorant, and insulting comment about an ethnic group! A twofer!