Other Editorials

Why? Part II

Jim Dollinger
Sunday, June 11, 2006

Folks, the point is that G Richard Wagoner was pre-ordained as Chairman. He was a failure in purchasing, accomplished nothing overseas, was a disaster running NA both times and has no business whatsoever running GM other than the old boy's club which placed him there to begin with, and now protects him. Truly, he deserves to be arrested for misleading investors, let alone for the damage done across the United States in various local economies.

Don't forget, G Richard "Red Ink Rick" Wagoner is beholden to the bankers who control the company through interlocking directorates. They are hellbent on a mission of greed with the goal of moving offshore and controlling ownership of the distribution.

How much do the shareholders get from the sale of GMAC?

Where is the promised $3 Billion investment in Buick?

Was Olds that poorly managed, or driven out intentionally?

Why send "Red Tags" to dealers across America in the middle of winter when the units are covered with snow and ice? Who has a brother in the printing business?

Why ignore Return to Greatness and instead continue disastrous marketing characterized by distress merchandising?

Why were Billions wasted on Fiat and how did Merrill Lynch end up with all that stock? (32 million shares)

Why does the SEC filing mention the possibility of John Devine working for a dealer group?

Who is held accountable for the loss of $50 Billion in shareholder value and 20 points of market share?

How much did we pay in investment banking fees the past 5 years?

Why create a VEBA when we could simply pay the bills when due? Why the administration expense? Why pay the UAW to administer, and have the amount be greater than the sum of the dues they collect annually?

Why do we not rotate the audit company? Deloitte was there when McNamara burned us for $400 Million on vans that didn't exist. They also were the auditors for Parmalat, the European conglomerate that imploded with a $5 Billion Cayman Island cash account that didn't exist? Aren't they at least partly responsible for the current SEC/FBI investigation into our accounting?

Why is a bonus stock plan for Wagoner announced 2 days after the Annual Meeting?

Why was there a claim of a price reduction when in actuality all it represented was a reduction in dealer margin?

Why were our payables just recently moved from 30 days to 55?

Why does Wagoner have a bankruptcy proof pension if there is no plan for a filing?

Why is he still there and better yet, how did he get the job in the first place? Seriously!

Appearing on Johnny Carson, Alfred Hitchcock was asked if there is a perfect crime. He responded, yes it's committed everyday, no one knows about it.

Ask yourself WHY??? There must be a reason!

Wagoner is ten times worse than Bernie Ebbers and Kenneth Lay combined. Fraud and corruption are more than prevalent at General Motors, rather it's business as usual. "Red Ink Rick" is the pointman.