They’re in Chapter 11, they’ve been hemorrhaging billions for years, they haven’t made a dime selling passenger cars for decades, and yet GM still doesn’t have a restructuring plan:
The truth: GM’s management still doesn’t have the slightest idea how to right the sinking ship—sorry, raise the Titanic. Henderson point blank refused to specify a deadline for a return to profitability. No goals. No timelines. Nada. If I didn’t know better, I’d think Rick Wagoner’s hand-picked clone/successor was trying to give this GM Death Watch series closure, in that “here we are at the beginning again” way. But no; there is no plan.
Does anyone believe we’re done shoveling tax dollars into the GM bonfire? Does anyone believe that President Obama won’t ride roughshod over management?* Does anyone believe that the White House will ever let go?
I sure don’t.
*Although how Obama could do worse than present management is a mystery. However, I have no doubt it will be solved, and shortly.