Other Editorials

There Must Be A Reason

Jim Dollinger
Thursday, August 7, 2008

Losing $60 Billion in 2.5 years, and destroying 90% of shareholder value since becoming CEO, Red Ink Rick still has the unanimous support of the Board of Bystanders. These are NOT stupid people. They quite obviously have a plan we are not privy to. GM would never get away with relocating offshore and cutting payrolls, benefits and dealers during prosperous or even decent times. With board members from the oil industry, banking, and big medicine, you can only surmize that this is a well coordinated plan to restructure for the long term while simultaneously enriching the firms with cross directorships.

There is no other reasonable explanation for the asset sales, increased borrowings, plant closures, employee buyouts, benefit reductions, and continued idiotic marketing which drives the downward spiral. Look at market share loss. It's a descending flight of stairs. stupidity is not sequential, it's all over the place. Wagoner should be brought up on charges for the impact on America resulting from this secretive "plan". In essence, he has lied to investors. Last I knew that was illegal in the USA.