Tuesday, November 11, 2008

Gm cannot wait for Obama

I hate to give so much coverage to GM on this blog, but the news stories that break each day are fascinating. GM's Rick Wagoner was interviewed recently by Automotive News and the following is an excerpt from their website, www.autonews.com:

"General Motors CEO Rick Wagoner says GM's financial distress is so dire that it must line up financial assistance from Washington before President-elect Barack Obama takes office in January.

"This is an issue that needs to be addressed urgently," Wagoner said during an exclusive interview today with Automotive News. Now is the time to "overshoot, not undershoot" when it comes to assistance for the auto industry, he added."

That's right Rick, God help us if we "undershoot" our bailout funds! Gimme a break. Wagoner also stated that he should not resign, as a solid management team was needed during this difficult period. Whatever. News flash Ricky, the current management team is the BIGGEST part of the problem! If GM would not have bet the farm on SUV's, Hummer's and pickup trucks, then they would not be in this mess.

Wagoner continues his commiseration in the same interview:

"In return for financial aid, General Motors is willing to offer the government preferred stock, set limits on executive compensation and speed the introduction of fuel-efficient vehicles."

Speed the introduction of fuel-efficient vehicles, he says. Isn't it Pat Benatar who belts out those song lyrics, "It's a little too little, it's a little too late"?

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