Athenian
March 30th, 2009, 11:04 AM
The Feds demanded that Rick Wagoner, CEO of GM step down as a precondition for additional funds and be replaced by Fritz Henderson. Wagoner began his service with the company as an analyst in its' Treasurer's Office in New York. Well, guess what? Fritz Henderson comes with the same background and it's supposed to bring a different mindset to the new GM.
The Feds rejected the new business plan submitted by both GM and Chrysler. I wonder if Fritz had anything with the new plan.
Looks more like the same to me.
The answer to all of this is for us to keep throwing money at the problem.
Further, the suppliers are going to be guaranteed payment for their shipments, but will be required to pay a fee. A fee?
If you have ever had any dealings with the auto industry, you know that you don't have enough markup in the supplied parts to pay a fee. You already absorbed the cost of manufacturing the product, warehousing and shipping on the JIT (just in time) schedule. You then wait three to six months for your money and now the big galoots want you to pay a fee to get the money you were entitiled to 2/20 net 30.
Bull shit. Let them go belly up. Even after the billions poured in, the Feds are now looking at that possibility. No wonder they couldn't make money running a whorehouse.
The Feds rejected the new business plan submitted by both GM and Chrysler. I wonder if Fritz had anything with the new plan.
Looks more like the same to me.
The answer to all of this is for us to keep throwing money at the problem.
Further, the suppliers are going to be guaranteed payment for their shipments, but will be required to pay a fee. A fee?
If you have ever had any dealings with the auto industry, you know that you don't have enough markup in the supplied parts to pay a fee. You already absorbed the cost of manufacturing the product, warehousing and shipping on the JIT (just in time) schedule. You then wait three to six months for your money and now the big galoots want you to pay a fee to get the money you were entitiled to 2/20 net 30.
Bull shit. Let them go belly up. Even after the billions poured in, the Feds are now looking at that possibility. No wonder they couldn't make money running a whorehouse.