GM Presses Eject Button On Henderson

GM Presses Eject Button On Henderson http://tinyurl.com/ybrkdaa
Few can rival General Motors at reinventing the wheelas metaphor, that is.
Earlier this year, the wheels finally came off the auto maker. It
wheeled out a new chief executive, former chief financial officer Fritz Henderson. His subsequent wheeling and dealing to offload subsidiaries like Adam Opel foundered. Now, with his resignation announced late Tuesday following a board meeting, it looks like Mr. Henderson has been thrown under the wheels.
Divisions between Mr. Henderson and the board had appeared over issues like the U-turn on selling Opel and the prospects for a GM relisting.
In one sense, Mr. Henderson's departure is encouraging. Its balance sheet cleansed, the priority at GM was cultural change. Yet the company's senior ranks remain the preserve of veterans. Product-quality issues remain a concern, and the company, like Chrysler, has even started ladling out incentives to customers in a troubling echo of Detroit's past.
Bringing in new blood is, to be fair, pretty hard when major shareholder Uncle Sam is capping pay offers. And that is why any encouragement taken from Mr Henderson's resignation dissipates quickly. The manner of his going highlights the work still required, even as executives must appease political paymasters. Clearly, GM's road to recovery remains long.
One company that can take encouragement is Ford Motor. GM's board must wish it could find its own Alan Mulally: an outsider brought in as CEO who has steered Ford skillfully thus far. Ford knows its big Detroit rival remains in disarray. That should mean less competition for customers and, with a GM initial public offering looking farther off than ever, less competition for investor dollars.
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Opel is not owned by "GM," it is owned by "General Motors" which is in bankruptcy. The , Bankruptcy Court in effect "owns" Opel until it, as well as Pontiac, Hummer, Saturn and all of the shuttered former "General Motors," assembly plants are sold.
"GM" can not go public until all of its government loans are paid off.

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You are truly thick.
BOTH GMs LOOSE MONEY LIKE NO OTHERS.
Why have one loser when you can have two?
Mike Hunter wrote:

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Jim_Higgins wrote:

He is gone because he didn't do what the government pupets wanted him to do.
As for relisting GM, good luck. With a sub-zero credit rating, under performain sales, loosing money in 2009 even with a $60,000 per auto debt-tax funded subsidy the government has a real turkey on their hands.
With 2010 coming and democrats trying to polish the corruption of their arses it isn't going to be popular to pump another $100 billion plus into this turkey. But they are finding their asses are still sticky.
And with all the money pumped into GM so far, you can't to this day find out an accruate report of exactly where all the money pissed away so far really went. Even GMAC, not 4 years ago flush with cash, today wants even more.
With Europe, GM is fiscally on the rocks too. Germans are raving hot pissed, rightfully so.
Government is going to have to get this straight, let dying dogs die. Quite pumping peoples debt into a dead turkey.
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