GM senior management just demonstrated yet again a complete lack of common sense. They have a car company that has too many factories, too many over paid workers, too many dealers, no decent products, worthless stock, a credit rating in the toilet, and money is running out. And they are wasting time dickering to buy Chrysler, a second car company in just as bad, or maybe worse shape? For what?
Chrysler is so worthless that Daimler gave it away to Cerberus. If memory serves Daimler paid $30 billion for Chrysler ten years ago and they dumped it for a couple of billion in stock, not cash last year. That's 'cause Chrysler's liabilities in terms of plump UAW pensions far outweighed any money it could ever make.
GM cannot afford it, hell, GM can't afford to buy toilet paper for the company restrooms. Why in the name of all that's holy are they thinking of making their problem bigger? GM needs to fire all their senior management starting with CEO Rick Wagonner and going down about three levels from there. The GM suits have performed one disaster after another, going back 20 years when they threw away billions of dollars just to get Ross Perot off their board.
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