Monday, June 1, 2009

A look back to 2005 with GM

A link to read and think about:
Note the dates: Mon., Nov . 21, 2005

General Motors Corp. will eliminate 30,000 jobs and close nine North American assembly, stamping and powertrain plants by 2008 as part of an effort to get production in line with demand and position the world’s biggest automaker to start making money again after absorbing nearly $4 billion in losses so far this year.

From that same story, in 2005:
Last week, after the automaker’s shares fell to their lowest level since 1987, Wagoner sent an e-mail to employees saying the company has a turnaround strategy in place and has no plans to file for bankruptcy. Wagoner repeated that Monday, and added that he continues to have the board’s support and hasn’t considered stepping down.

And don't miss (from 2005):
GM also is under investigation by the U.S. Securities and Exchange Commission for accounting errors.

Strap in taxpayers... the ride will be a rough one.

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