Throughout four hearings on Capitol Hill, the chief executives of G.M., Ford and Chrysler have tried to assure lawmakers that all they need is temporary assistance until the sick economy and the depressed auto market recover. [NYTimes]
Toyota surpassed these guys long before the economy tanked. Mercedes divested itself of Chrysler long before the auto market depressed.
G.M.’s chairman and chief executive, Rick Wagoner, tried to assure Congress last week that G.M. can be profitable again with $18 billion in federal loans and an aggressive reorganization plan.
I’m a believer in capitalism, aye. But I think the word should be “solvent” and not “profitable.”
G.M. has already cut its American work force in half in the last three years. Yet its latest reorganization plan calls for downsizing its brands and dealerships and cutting another 30,000 jobs — without addressing how it would generate new revenue.
Sounds like management at GM was helped by a little grade inflation in school, because that woudln’t pass muster in a correspondence business class.
File under “bullshit.”