Sixty Billion Leagues Under, You See
Friday, September 10, 2010
Who in their right mind would take any amount of money to Captain the Titanic? Things haven't changed in a hundred years as she lays at the bottom of the sea, except further erosion. They haven't really changed at General Motors either and won't. Only more government capital infusions keep this doomed ship afloat. Bankruptcy didn't save them, it only delayed the inevitable. Sooner or later the citizens of this country will demand an end to a company that has no clue how to sell cars, as evidenced by the same goofy marketing no matter who rides the elevator, and the continued market share loss. The same company that destroyed independant "family owned and operated" businesses across the country. The same company that stripped pensions away from defenseless and loyal retirees. The same company that bankrupted suppliers and is still seeking further wage concessions approaching poverty levels for employees. The same company that needlessly and shamelessly closed factories around the United States in order to shift production to other countries while being "bailed out" by American taxpayers. The same company that claims profits based on ficticious accounting and "material weaknesses".
Meanwhile, the competition is forging ahead with additional production capacity and much better leadership. GM isn't sinking...it's sunk.