Other Editorials

Hang Him High

Jim Dollinger
Sunday, March 19, 2006

What's been well established is that Rick Wagoner is a complete failure, and his continued reign is a guarantee of financial ruination. $50 Billion in shareholder value gone since 2000, $10 Billion in losses last year. Accounting irregularities, SEC investigation, credit downgrades deep into junk, market share in the tank, competition growing under same economic conditions, record recalls, every excuse in the book, spinmasters at work overtime, lack of responsibility, devoid of accountability, zero credibility, promises unfulfilled, so-called plans mysteriously concealed, refusal to offer earnings guidance, communities across America suffering, thousands stranded uselessly in jobs banks while paying overtime and contractors, marketing campaigns continued and repeated that are proven ineffective and costly without return, alienation of dealers, employees, retirees, salespeople, and customers, billions wasted on Fiat, Saturn, Saab, Subaru, assets like Oldsmobile (a million unit seller) and GMAC are spun, closed, or sold to raise cash since Wagoner and his fellow pencil pushers are unable to stop the operational bleeding.

"Red Ink Rick" once again assumed personal 'responsibility???' for North America a year ago and has failed miserably, yet has the audacity to remain confident of his leadership and veiled plans. The only restructuring needed at GM is in the Boardroom and top of the Ren Cen. No wonder the complex on Jefferson Avenue facing the river is termed "The Tubes". That is exactly where Mr Wagoner has taken General Motors.