Jump to content
Create New...

GM is starting to sound like Peyton Place


Recommended Posts

GM is starting to sound like Peyton Place

Automotive News -- September 13, 2010 - 12:01 am ET

We now have the fourth General Motors CEO in a year and a half.

We are told that the newest CEO and chairman-elect, Dan Akerson, was picked, at his request, by the White House to go on the GM board. Less than a year later, he's the CEO and is scheduled to become chairman as well at the end of the year.

And now the first kiss-and-tell book about the auto bailout is about to be published by Steven Rattner, a Wall Street money man who was involved in the auto bailout long enough to have some interesting comments. He resigned when the state of New York began investigating questionable activity by his firm before he joined the government.

His book, which I have not yet read, sounds like it's right up there with Kitty Kelley's books. It'll be fascinating. And we can bet that it will be a best-seller in Detroit and perhaps on Wall Street. I'm guessing Rattner isn't interested in another post within the Obama administration.

This doubtless will be just the first of several intriguing books about the bankruptcies at GM and Chrysler. Each book will have a point of view that extols the author but gives insight into the evolution of this dramatic period.

Thank goodness GM is still creating cars and trucks in the Detroit suburb of Warren, Mich., and Mark Reuss and Tom Stephens are still actually running the car business. It has to be distracting for the folks in the car business to watch the company's top leadership keep churning. They can only keep their heads down and tend to their knitting.

It makes sense for the corporation to be headquartered in downtown Detroit, 18 miles from the GM Tech Center, where the car business is operating. It keeps the financial folks and the operating folks separate. Not so many decades ago, the chairman and financial staff were housed in New York.

Meanwhile, GM -- which somehow survived bankruptcy, the cancellation of 1,350 dealerships and the congressionally mandated arbitration for many of those canceled dealers -- is about to launch an initial public offering so the company can extricate itself from the clutches of the federal government and the White House.

After two quarters of profits, Akerson and GM will, soon after the November elections, try to convince American and global investors that the new GM is worthy of their money, a daunting task at best.

It's a fascinating story that is real life. We still have many chapters to go.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100913/OEM02/309139882/-1#ixzz0zQ3Zv83H

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Who's Online   0 Members, 0 Anonymous, 47 Guests (See full list)

    • There are no registered users currently online
  • Chevy Estimated Range for Silverado EV Work Truck Raised to 450 miles

    When Chevrolet initially took the wraps off the Silverado EV last year, GM had estimated up to a 400 mile range based on its own calculations.  As the Silverado EV has made its way through development, it went for EPA certification and came back with 50 miles more than GM's estimate.  With this new EPA certification, the Silverado EV has an over 100-mile advantage over its only on-sale competitor the F-150 Lightning Extended Range (320 miles). The Silverado EV will launch first in WT trim with t


    All New 2024 Toyota Tacoma Yearns For Adventure

    The Toyota Tacoma has been the best-selling mid-size pickup in the U.S. for nearly 20 years. Holding such an important place in the lineup, Toyota has been very conservative with updates in the past.  The outgoing generation ran for a full 7 years, but even that was based on a platform that dates all the way back to 2004.  For 2024, the Tacoma sheds the old platform entirely and joins the Tundra and Sequoia on Toyota's new TNGA-F global truck platform.  The 2024 Tacoma is the latest (and final)


    The Ford Ranger Raptor Finally Comes to the US

    After years of being forbidden fruit offered only in overseas markets, Ford has finally deemed the Ranger Raptor worthy enough to bring to the U.S. The biggest reason for the U.S. not getting the prior version was its standard diesel power and the inability of the platform to take a sizable V6 engine. When Ford redesigned the 2024 Ranger (read more about the 2024 Ford Ranger here), they made sure to alter the engine bay and chassis to accommodate a V6. Powering the Ranger Raptor is a 3.0-li


  • Create New...

Hey there, we notice you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.


Write what you are looking for and press enter or click the search icon to begin your search