Quote:
Originally Posted by SamIam
Len,
I agree regarding Congress and their junkets. Beyond the pale.
I find it hard to believe that there wasn't an investor led revolution to dump these guys. Waggoner has been a failure since given the job. Nardelli never should have gotten the job, who the heck did he suck up to, and I guess i know little about Mulalley, other than he and Billy haven't been able to do much for Ford, other than watch them fail. How can these guys come into a meeting and not SELL their plan. Face it, if these guys came up to you on the street and asked for a buck for a cup of joe, you'd probably tell them no. I just don't see that they GET IT.
I have a father in law who founded a multi billion dollar public company. He is now CEO and COB. He cancelled his vacation to Hawaii, pissing off his travel companion, because he felt in this economy, he didn't want to send the wrong message to the
employees. Didn't Iacocca work for a buck during the Chrysler bailout? We all know he made a killing on stock, but he understood he needed to share the pain.
Whatever plan they may have hasn't worked up till now, and they can't sell anyone on the idea that it will ever work. I don't want to see them go out, I understand the ramifications it will have. But you can't continue to pump money into companies with such poor leadership and strategy.
I think ultimately, Romney's outline would probably be the best starting point. However, I think in the end, the Democrats owe the UAW and the deal will get done. No way Obama goes into office as millions of union workers get dumped and gets laid at the feet of the Democrat legislature.
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SamIam, that's what I'm asking - how can these guys not come prepared?
And you're 100% on point about Iaccoca. 100%
I want the loans made, but I'd have no problem with booting these guys out as a condition.
Only problem with Romney's plan is that not one dealer in the country has said they casn get customers into the showroom and sell them a car if the auto company whose brand they sell files for Chapter 11. The idiocy of all the "experts" and the TV talking heads keep missing the point. Customers won't buy the brand of a company in a formal C11 reorganization. It's not about comparing Circuit City to GM. You buy a computer or a TV from Circuit City, after a short time, it's HP or Toshiba you deal with.
The real question is if Hp or Toshiba filed for Chapter 11, could Circuit City or Best Buy sell Hp or Toshiba? You'd think the "experts" and the TV talking heads would understand that.