Here's the full, astonishing quote out of the mouth of Rick Wagoner, the chief of General Motors:
I’m determined and highly confident that G.M. will be a survivor.
That ought to send shivers up every stockholder's spine. A survivor, merely?
Here's the full, astonishing quote out of the mouth of Rick Wagoner, the chief of General Motors:
I’m determined and highly confident that G.M. will be a survivor.
That ought to send shivers up every stockholder's spine. A survivor, merely? My how the mighty are falling because of a short-sighted approach to energy and climate realities.
If you read the full story in the NY Times, you also get to meet William Parker, a 74-year-old G.M. retiree. He just learned that G.M. is cutting off his health benefits in its effort to survive.
Wagoner may be confident that G.M. will be a survivor, but Mr. Parker was just handed a death sentence. He won't be able to afford the cancer drug that is keeping him alive.
The generous health plans for retirees has long been considered a pillar of the benefit system at G.M.
Not anymore, now that the company is spending $1 billion a month from its cash reserves. G.M. has about $24 billion in its piggy bank.
Analysts said they were left with more questions than answers about how G.M. would adapt to consumers’ rapid shift from large vehicles to smaller, more fuel-efficient cars.
It's not like nobody saw this coming, and puts into relief the efforts by Johnson's EPA, the White House, Representative John Dingell, and the rest of the US auto industry to fight tighter fuel economy standards. Looks like they were wrong.
Dead wrong.