Who's On Board?
Thursday, June 19, 2008
I must point out that since the early days of GM, JPM has held a significant stake in GM whether direct or indirect. We've gone from the days of Thomas Cochran, George Whtiney, and Dwight Morrow to the Board representation by Morgan Chairmen Elmore Patterson and Dennis Weatherstone (Sir Dennis died last Friday, having met him I can honestly say he was a true gentleman). Also serving on GM's Board have been other Morgan directors such as Edmund Pratt, Walter Fallon, John Horan, and George Schultz. Today we have Morgan folks Karen Katen and Erskine Bowles.
Either directly or indirectly JP Morgan has had a controlling interest in GM since Billy let loose to the duPont and Morgan financiers. Any way you cut it, interlocking directors control most of the major US corporations and GM is a shining example, hence the outlandish salaries, bonuses, and stock options granted even in the face of pitiful performance. Another case in point, notice how previous Goldman Sachs chairmen have a habit of becoming Secretary of the Treaury. Follow the food chain and you'll see more.
As to the difficulties present before our company, it is without question the absolute failure of top management that has caused us to find ourselves on the brink of bankruptcy. These people are in their positions to provide the strategic leadership necessary for the company's long term survival and prosperity. Red Ink Rick has not done the job, in fact he has failed miserably.
I again claim "Return to Greatness" would increase market share by 5 points within 6 months and provide the leadership enabling us to regain our position as the unquestioned dominant force in the auto industry.
If a Japanese company were to post results similar to those of Red Ink Rick..
Hari kari, also known as sepuku, is an ancient form of ritual suicide that defeated samurai, or those whose shame was 'too unbearable' would use to restore their honor in death. In sepuku, one would take a wakizashi (short sword) and dissembowel oneself. The less noise you made while doing this, the braver you were and therefore the more honorable, however this did not last long as not long after you had begun, a close friend, comrade, or enemy would put you out of your misery by cleaving your head from your shoulders in one swift blow of the katana (another japanese sword). Even though in modern times the prospect of decapitating one of your friends or relatives sounds completely against normal 'friendly' behavior, being asked to assist your friend or enemies' escape from shame was considered a great honor, as was using this as a tool to escape.