Thursday, October 22, 2009

Car Czar: GM Management Atrocious - Why Is This News?

"Everyone knew Detroit's reputation for insular, slow-moving cultures," Rattner wrote. "Even by that low standard, I was shocked by the stunningly poor management that we found, particularly at GM, where we encountered, among other things, perhaps the weakest finance operation any of us had ever seen in a major company."..."At GM's Renaissance Center headquarters, the top brass were sequestered on the uppermost floor, behind locked and guarded glass doors," he wrote. "Executives housed on that floor had elevator cards that allowed them to descend to their private garage without stopping at any of the intervening floors (no mixing with the drones)."...GM, Chrysler were the Clunkers: Car Czar, Paul Tharp, NY Post, 10/22/2009

Gee, it sounds like how Congress and the White House relate to the citizens of the United States. For this report, information which was fairly common knowledge in Detroit, certainly to the UAW, and to a fair number of now looted GM bondholers, we paid sixty billion bucks? It could be understood as a consultant's fee. Guess what? We're the consultants. And guess who got the check? Yep, the UAW.

In the future, when you hire representatives, senators and a president to sort out what they're going to do with your money, read the contract's fine print. It was NOT news that Democrats would give the UAW anything requested, throw any amount of money thought necessary to keep the GM corpse's heart beating, and tell any lie to justify the expenditure. Next time, read the contract!


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