Quote:
Originally Posted by Rodrunner
No offense, Dragoneye, but they're destitute now, not years ago, so the changes they've already made haven't helped, have they? And 80% of people aren't buying from them now!! So what have they got to lose by reorganizing under Chapter 11?
 2SS/RS Black/Black w-Cyber Gray stripes/Auto ordered-10/18/08 |
I have to agree here. I was initially totally against chapt. 11, but from what I've heard from the CEOs testimony, I am now convinced any - ANY -type of loan provided to the big 3 will not fix their problems. I didn't realize untill now that while they have made great strides in product, their current business models are drastically behind the 21st century, they do still have lackluster management at all levels, and the problems are so deep rooted that no loan will fix anything.
A complete overhaul of the organizations from top to bottom, both domestically and overseas, must occur for them to be successfull again.
It's sad but true. I was really dissapointed with their testimony and presentation in congress. I felt they came unprepaired to deal with the questions, I feel they should have alread a plan in place (without congress prompting them) on how they will use any loan, and I really think now that their problems are more self inflicted than simply "America turning their backs on us" and "the economy took a dump". You can only blame the American public and circumstances out of your control so much. I don't recall any big 3 CEO begging congress for money in the 1930s when the economy was MUCH worse.
I'm not going to pretend I have answers, all I will say is I have a lower opinion of GM, Ford, and Chrysler after watching the hearing.
They came off as almost oblivious to their own implosion.