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Goldman Sachs ceases rating GM's stock.
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Goldman Sachs ceases rating GM's stock.
On Fri, 14 Nov 2008 09:15:11 -0800 (PST), Siskuwihane
wrote: No sense in rating a turd. http://www.mlive.com/business/index...._analysts.html snip Deutsche Bank has changed its target price of GM to ZERO.... $0.00! Translated for that PA village idiot who still hangs out in here, that means... ....BANKRUPT! Even the "strip 'n flippers" who tried to strip 'n flip Chrysler wouldn't take a bite of GM. They're in bad shape now too...another Republican-led failure in the works! The survivor: Ford, but it'll take a minute. First, we have to get our asses out of Great Depression II. My hedge stock lately? AIG. It gained 2¢ on the market Friday while everything else crashed and burned. And yes, I did manage to unload all my Loonies in time for the phony rise of the US dollar! |
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Goldman Sachs ceases rating GM's stock.
No sense in rating a turd.
THOMAS L. FRIEDMAN The New York Times Last September, I was in a hotel room watching CNBC one morning. They were interviewing Bob Nardelli, the CEO of Chrysler, and he was explaining why the auto industry, at that time, needed $25-billion in loan guarantees. It wasn't a bailout, he said. It was a way to enable the car companies to retool for innovation. I could not help but shout back at the TV screen: "We have to subsidize Detroit so that it will innovate? What business were you people in other than innovation?" If we give you another $25-billion, will you also do accounting? How could these companies be so bad for so long? Clearly the combination of a very un-innovative business culture, visionless management and overly generous labour contracts explains a lot of it. It led to a situation whereby General Motors could make money only by selling big, gas-guzzling SUVs and trucks. Therefore, instead of focusing on making money by innovating around fuel efficiency, productivity and design, GM threw way too much energy into lobbying to protect its gas guzzlers. This included striking special deals with Congress that allowed the Detroit automakers to count the mileage of gas guzzlers as being more than they really were. It included special offers of $1.99a-gallon gasoline for a year to any customer who purchased a gas guzzler. And it included endless lobbying to block Congress from raising the milesper-gallon requirements. The result was an industry that became brain dead. Nothing typified this more than statements like those of Bob Lutz, GM's vice-chairman. He has been quoted as saying that hybrids like the Toyota Prius "make no economic sense." And, in February, D Magazine of Dallas quoted him as saying that global warming "is a total crock of [expletive]." These are the guys taxpayers are being asked to bail out. And please, spare me the alligator tears about GM's health care costs. Sure, they are outrageous. "But then why did GM refuse to lift a finger to support a national health care program when Hillary Clinton was pushing for it?" asks Dan Becker, a top environmental lobbyist. The blame for this travesty not only belongs to the auto executives, but must be shared equally with the entire Michigan delegation in the House and Senate, virtually all of whom, year after year, voted however the Detroit automakers and unions instructed them to vote. That shielded General Motors, Ford and Chrysler from environmental concerns, mileage concerns and the full impact of global competition that could have forced Detroit to adapt long ago. Indeed, if and when they do have to bury Detroit, I hope that all the current and past representatives and senators from Michigan have to serve as pallbearers. And no one has earned the "honour" of chief pallbearer more than the Michigan Representative John Dingell, who is more responsible for protecting Detroit to death than any single legislator. OK, now that I have that off my chest, what do we do? I am as terrified as anyone of the domino effect on industry and workers if GM were to collapse. But if we are going to use taxpayer money to rescue Detroit, then it should be done along the lines proposed in The Wall Street Journal last Monday by Paul Ingrassia. "In return for any direct government aid," he wrote, "the board and the management [of GM] should go. Shareholders should lose their paltry remaining equity. And a government-appointed receiver - someone hard-nosed and non-political - should have broad power to revamp GM with a viable business plan and return it to a private operation as soon as possible. That will mean tearing up existing contracts with unions, dealers and suppliers, closing some operations and selling others and downsizing the company ... Giving GM a blank cheque - which the company and the United Auto Workers union badly want, and which Washington will be tempted to grant - would be an enormous mistake." I would add other conditions: Any car company that gets taxpayer money must demonstrate a plan for transforming every vehicle in its fleet to a hybrid-electric engine with flex-fuel capability, so its entire fleet can also run on next-generation cellulosic ethanol. Lastly, somebody ought to call Steve Jobs and ask him if he'd like to do national service and run a car company for a year. I'd bet it wouldn't take him much longer than that to come up with the GM iCar. Printed and distributed by NewpaperDirect | www.newspaperdirect.com, US/Can: 1.877.980.4040, Intern: 800.6364.6364 | Copyright and protected by applicable law. |
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