Posted on 03/29/2009 2:12:11 PM PDT by kcvl
Edited on 03/29/2009 4:22:35 PM PDT by Admin Moderator. [history]
Officials say GM Chairman and CEO Rick Wagoner will step down immediately at request of the White House.
They sure do know the "lingo", but they can't see beyond the next quarter and they never quite "got it" that a good businessman knows it's in his best interest to be honest.
My Harvard MBA brother-in-law can't understand how I can do real estate rehabs with contractors on a handshake. It's really not complicated, I use guys who know I will never cheat them and that if they cheat me I'll never use them again. Do you want the business 1x or for a lifetime?
internally the peons refer to him “Chainsaw Fritz”
typical MBA numbers type
wouldn’t know a connecting rod from an electrical connector
he was a decent baseball pitcher @ Michigan
Well then, another Harvard MBA following a perfectly useless Harvard MBA — yea, stick a fork in ‘em, they’re done.
The Ford UAW members accepted it. They know they are closer to a turnaround that GM ever will be. My guess is Gm’s Union is more Militant/Socialist. Yes it will be a hard sell for them to take the stock.
Not a car guy or an engineer amongst them.
(I’ve heard tell GM is a health care company that has a money losing car operation)
The General Motors Board of Directors
Erskine B. Bowles
President,
The University of North Carolina
Director since 2005
John H. Bryan
Retired Chairman
and Chief Executive Officer,
Sara Lee Corporation
Director since 1993
Armando M. Codina
President
and Chief Executive Officer,
Flagler Development Group
Director since 2002
Erroll B. Davis, Jr.
Chancellor,
University System of Georgia
Director since 2007
George M.C. Fisher
Retired Chairman
and Chief Executive Officer,
Eastman Kodak Company
Director since 1996
E. Neville Isdell
Chairman
and Chief Executive Officer,
The Coca-Cola Company
Director since 2008
Karen Katen
Chairman,
Pfizer Foundation,
Retired Vice Chairman,
Pfizer Inc and Retired President,
Pfizer Human Health,
Director since 1997
Kent Kresa
Chairman Emeritus,
Northrop Grumman Corporation
Director since 2003
Philip A. Laskawy
Retired Chairman
and Chief Executive Officer,
Ernst & Young
Director since 2003
Kathryn V. Marinello
Chairman
and Chief Executive Officer,
Ceridian Corporation
Director since 2007
Eckhard Pfeiffer
Retired President
and Chief Executive Officer,
Compaq Computer Corporation
Director since 1996
G. Richard Wagoner, Jr.
Chairman
& Chief Executive Officer,
General Motors Corporation
Director since 1998
MBA have a vested interest in things being complicated, other wise, who would need them? Ditto lawyers, politicians, academics....all those, ahem, productive types.
So who do you think will “take the helm” of these broken companies? I’ll put my money on a demrat sycophant or worse—a demrat politician.
Why are these people so afraid of Zer0? Think he has mob connections through the unions to take out those who do not obey?
Over on Ace of Spades HQ I picked up the news that this was because Wagoner failed to get concessions from bond holders.
Apparently Obama thinks the bond holders (private citizens holding paper with value) are to take 50 cents on the dollar, while the UAW refuses concessions and gets away with it.
My prediction: the market will drop tomorrow because now bond holders will realize their return is subject to government intervention, all executives realize that their salaries and even their jobs are subject to the whims of the government, and the unions are running rampant.
Although I am not a fan of General Motors, I see this as a disturbing precedent.
Government intrusions into the marketplace (especially those by BHO) are just another slippery step down the precipitous slope of Socialism/Communism.
Demrats would prefer the Detroit auto makers not go the bankruptcy route because it will put real pressure on the unions to concede wages and benefits. With the so-called bail outs they can protect their union sycophants.
...no doubt with a black power fist hood ornament.
Well, it looked good in the ledger.
Well said. Half the time it's just learning the language.
No, no, and no. What he really means is that these companies must commit to build cars nobody wants for reasons that don’t exist.
Gettlefinger or is it Middlefinger?
And after seeing the way this Administration operates, those investors are probably 100% correct in their suspicions.
President Hussein doesn’t give a dump about corporations, investors, banks, or anything else that makes this economy work. He’s only concerned about his narcissistic desire to remake this society according to his views.
Feral Government! Indeed!
I will wait till Hell resembles ANWR before TOFUS demands the UAW give back some benefits.
What is wierd is Ford's Bondholder offer went over better than expected, and they took common stock as well as the UAW for the VEBA.
Maybe the UAW at Gm is to Militant or has not faith that their management can turn it around...
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