Quote(s) Of The Day: Rattner Rides Again Edition
This is a company that could not tell you, on any given day, within five hundred million dollars, how much cash it had… not only were they not prepared, but Rick Wagoner had very specifically said he didn’t want to prepare… frankly, it’s an irresponsible position [for a CEO to take].
What do you do when you’ve overseen a divisive bailout and an investment scandal all within the last year? Writing a book goes without saying, but it doesn’t hurt to bash on the executives you ousted while “Overhauling” the industry. That way, people who were (ahem) bearish on GM leading up to the bailout can at least be vindicated in their pessimism (and have the pleasure of imagining what might of happened if Ron Gettelfinger had been fired as Wagoner’s sacrificial lamb). In any case, that’s just what former auto bailout czar Steve Rattner has done in an interview with CBS News, and despite Rattner’s relentless striving to appear respectable and brave, it’s worth a watch. Especially in hindsight, pre-bankruptcy GM makes even Rattner look good.
of course I could be wrong but it appears to me that the more things change... - Labor Day Red Toe Tag sale with lowered rates and down payment assistance for sub-prime customers - continued hairbrained, goofball, confusing incentive structure that is "worse than can be imagined" - stair stepped dealer cash programs that severely discriminate against smaller franchisees - further deterioration in retail market share while Toyota issues massive recalls under the worst PR imaginable - failure to understand "Brand" as evidenced by killing full sized Buick sedan and more alpha numeric lunacy - inability to produce a financial statement without "material weaknesses" - claiming $30 Billion in perceived ficticious assets - the "churn" now referring to executives' musical chairs - dysfunctional has not left the building pssss...hey buddy, wanna buy some stock? Buickman Founder www.GeneralWatch.com
I just got the Rattner book last night and look forward to reading. Still, I do admit to a pre-conceived bias against any self-aggrandizing statements that GM is "fixed" or on the right track. Given the ragged handling of the Whitacre/Akerson transition, the IPO plan, and unclear books, Isuspect that Buickman and Camaro Kid are closer to the truth than anyone in charge will ever admit -- unless under oath.
I think all the phony optimism about GM being on the mend is crap. They crow about a couple billion in profit, yet they admit they will have to pay over $6 billion a year into their pension fund beginning in 2013 just to keep it solvent. The GAO says the fund is already $26 billion short. The only way they paid money back to the Treasury was by moving other government-provided loot around for appearances. The lefty media are of course happy to help in the charade in a vain attempt to make Obama's goofy policies look good. The taxpayers will never be repaid.
Buickman -- Who needs an accounting degree? Red Ink Rick has an MBA from Duke U.'s Fuqua School of Business. Isn't that better? The question is rhetorical. Daanii2's rationalizations make no sense to me.