Monday, March 30, 2009

Obama Motors.

The Obama Car Team is forcing the ouster of GM's CEO Rick Wagoner, and probably most of the board of directors of the corporation. Apparently "change" at GM is not happening fast enough, namely the shafting of GM share and debtholders by massive equity dilution and forced bond conversion, and the building of "Smart"-style toy cars that bureaucrats love. The Administration is also dictating that Fiat shall own Chrysler. So much for corporate governance.

It's not clear how introducing this chaos into GM's management will help them to meet the sixty-day deadline to complete their restructuring, the criteria of which seems only to be known to the Administration.

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