Saturday, March 31, 2007
Let's take a snapsot of the business as the first quarter comes to an end:
GM files SEC required paperwork late, delays release of financial statements, while admitting the internal accounting controls are flawed and basically not to be relied upon. How can this be with a Chairman who previously was Chief Financial Officer? Hell, he can't even provide an earnings guidance!
Why in the world does Deloitte remain as our auditors? We have had so many "restatements" that our company is to the point of not being trusted.
Having "blown" Billions on Fiat, we continue the freewheeling practice of paying bankers for "advice". How much have we dispersed for recommendations not to buy Nissan or Chrysler? So far, all we know is "no comment".
For some unknown reason, the Lucerne is no longer available in Crimson Red. Why would GM cancel the best color? Add it to the list of other completely stupid moves by management. Why discontinue Rendezvous as the crossover segment is showing the greatest growth and Buick dealers are starving for product?
Why is Lutz still with us? He has been a dismal failure and not even come close to any of his own forecasts. His idiotic and pompous remarks do more damage in the press than the auto writers who love imports.
Whose brother is in the printing business? Dealers receive window banners and rear view mirror tags on a monthly basis. They are costly and virtually worthless. How about puttiing them in cars covered with snow and ice all winter? And we need to save money?
Enough for now, just warming up for Wilmington.