Other Editorials

The Masters

Jim Dollinger
Monday, April 9, 2007

As our Chairman, G Richard Wagoner, implements his strategy to wear the Green Jacket of Greed, let's look at his "plan". First, strip the company of assets, selling virtually everything of value. The list is lengthy...EDS, Hughes, Armored Vehicles, Electromotive, Real Estate from land in Warren to the Desert Proving Grounds, foreign investments, GMAC, American Axle, Detroit Diesel, Allison Transmission, and much more. Now funnel the capital to the banks who support him through "advice" not to buy Nissan or Chrysler, and transfer wealth to Merrill Lynch through the Fiat Fiasco. Of course all we hear is "no comment".

Thinking back ten years, who could have imagined losing Olds and GMAC, and watching Buick die from starvation? Who would have thought any such incompetence would be allowed to continue unabated? Yet the banks who control the Board support "Red Ink Rick" as we lose tens of billions and watch shareholder value plummet.

Meanwhile, on the backside, the UAW is bought and paid for through the establishment of health care funds which they are paid to administer. Paid in fact, more than they receive in dues from disappearing members. Is it any wonder they look away as jobs are eliminated and shipped overseas?

Of course any good pro will have a practice round. In this case it's called Delphi. Over time the jobs are cut, health care is laid on the union, and soon pensions dumped on the government, all in the name of Chapter 11 and protected by the Courts.

What's left after making the cut will be a corporation stripped of material value and resolved of legacy costs. Before long, the real pros step in with their private capital and hedge funds to purchase the carcass for cents on the dollar. Eventually the refloat will occur and the course directors will walk away with untold billions after they refloat the new GM.

For those who assume such a scenario to be preposterous, tell me any other possible scenario in which intelligent human beings have exhibited any such incidences of sequential stupidity. These are highly motivated and very bright individuals who are successfully carrying out a detailed, patient, and devious set of arrangements. Shame on the shareholders who have naively allowed the disintegration of America's once mightiest corporation.

I, for one, am TEED OFF! It's time to WAKE UP, unite, and throw these bums out on the street where they belong. Thankfully, there is a little organization called the SEC and Mr Wagoner will be forced to face the music on June 5th in Wilmington. We'll see how well the spinmasters can control the worldwide press and prevent the real truth from coming to light.

Quoting Shakespeare:

Once more befits it that the voice of Truth,
Fearless in innocence, though leagured round
By envy and her hateful brood of hell,
Be heard amid this hall; once more befits
The patriot, whose prophetic eye so oft
Has pierced thro' faction's veil, to flash on crimes
Of deadliest import.