Everyone in the whole entire world, except the pitiful board at General Motors, has been wondering for at least the last year or two how Rick Wagoner still has a job.
But we were completely stunned at another figure connected to the Wagoner tenure. The Wall Street Journal reported today that General Motors has lost $70 billion since 2005. We just hadn’t seen the figure down on paper, and it shocked us. $70 billion!
We wonder if there has ever been a leader at a non-profit or for profit that has such a dismal record as Wagoner? And now, his screw ups could put General Motors in the hands of Robert Nardelli, who could not even figure out how to properly run a chain of stores that sold sinks, nails and paint?
Frankly, nationalization might be the best alternative. But wait, that’s what they are asking for. Actually, nationalization would be alot more intellectually honest. At least if you are going to have to go to the government for a bailout, might as well have the government own it too.
General Motors. The next British Leyland!
At least there are some nicely restored Buick Skylarks riding around on Saturday afternoons that we can look at, and take photos of. Their mere existence will prove to future generations that Americans could actually build decent cars.
Read our other posts on General Motors.