http://news.yahoo.com/s/ap/20091201/ap_on_bi_ge/us_gm_ceo_resigns Ahhhh it looks like things are not going any better for GM these days. I wonder if Obama fired him too. At least Ford proved they could still pull a profit.
Unrelated, but I found it amusing that I saw this thread and who created it and thought to myself: I bet he'll somehow include Obama into a topic that has nothing to do with him. It appears I was correct.
That's odd, given that the general consensus is that the restructuring is going well, and that GM is on schedule to pay whatever part of it's debt that it's expected to pay back earlier than was originally planned.
I don't think the original poster really understands much about the car industry, how GM is restructuring, or Obama's role in it. Basically, none of the topics one would want to understand if they wanted to comment on the article posted.
How is that the general consensus? The word is GM will need another bailout, and now Fritz is getting pushed out. GM sales are still plummeting. It is not going well.
Of course it does. It was the Obama team's decision to go with Fritz instead of someone completely outside of GM. There was a huge article in Fortune about the whole thing. Obama is deeply involved with GM.
This is from 2 weeks ago. http://www1.voanews.com/english/news/a-13-2009-11-17-voa10-70423717.html General Motors says it lost more than $1 billion in the third quarter, but the head of the U.S. auto giant says the company has performed better than expected. GM CEO Fritz Henderson says as a result, the company is now in a better position to begin repayment of nearly $7 billion in emergency U.S. government loans. The GM plan to repay debt by 2011 General Motors posted a third quarter loss of $1.1 billion (November 16), but says stabilizing sales and lower operating costs will allow the company to repay what it owes the U.S. government by the end of 2011 - four years ahead of schedule.
You sure are banking on that hope and change. I don't need to know much about the car industry, obama role or a restructuring plan to know losing 1.1 billion after a HUGE bail out is bad news. Whats more accurate? A company's long history of failure or a resigning CEO's word of hope and good intentions. Since GM is doing so well, why don't you go invest heavily into them?
Since bankruptcy/reorganization, they're not a public company - how do you propose he goes about that?
I'm thinking there's been a bankruptcy restructuring or automotive lobbying or consulting firm with a high-six, low-seven figure job offer with Henderson's name on it since before he accepted the CEO job. An unprofitable company with government oversight and no stock options doesn't exactly sound like an experienced executive's wet dream.
He didn't resign voluntarily. Apparently, he was forced out by the board of directors. They didn't think he has done enough to fix GM. I think they made a good decision. They need somebody to rework their product lineup for something consumers desire. Bill Ford put in plans to rework their lineup and Mullally helped adjust those plans. The ecoboost engine has been a success with the great mileage. http://www.bloomberg.com/apps/news?pid=20601087&sid=a0jwWsx8pDHU&pos=1
LOL. Here's more from Henderson's daughter. She posted a rant on facebook. http://www.thetruthaboutcars.com/wh...u-know-besides-all-the-obvious-stuff-edition/
I'm reporting facts. You're just spouting nonsense. No it's not. In fact, it's less than was expected. The purpose of the bailout was not to immediately turn GM profitable overnight. It was to give it the opportunity to restructure. You should add restructuring and bankruptcy to the list of topics to understand. Do you know how and why CEO's state these kinds of things? Again, learn the basics of investing. You can't invest in a non-public company. If they were public, then you'd need to look at the current valuation of the company and see how much of a turnaround is already accounted for. Please stop digging.
Good god, I know daddy just got fired, but how old is this infant? Are all the "rich" kids this dumb and immature?
You know that money will come from the government right? It is the government paying itself. GM is paying anything, they are just still burning money. Did you think they will soon turn a profit and actually earn the money they pay back?
