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The collapse of the agreement for GM to sell its Saturn division to Roger Penske isn’t a tremendous surprise. That deal was based upon Penske finding a replacement vehicle supplier once GM quit building the current Saturn lineup in 2011. Renault Samsung Motors was slated to provide some of these vehicles (rumors had Penske looking [...]
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By now you have heard about Brian Deese, the 31-year-old Yalie who never finished his law degree, never got his MBA, never toured an assembly plant, never worked in a job outside of politics, and yet is the “perfect” guy to restructure the auto industry. He works with Steve Rattner who started his career at [...]
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I’m waiting for Clint Eastwood to come riding in at any moment, with his hat pulled down over his eyes and emanating a quiet intensity because this is turning out to be a Sergio Leone spaghetti western. Only the bad guy in this particular telling rides out of the east (D.C.) and bullies bondholders and [...]
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Just yesterday, I received this message from Michigan senator, Debbie Stabenow. It was about what I expected from the representative of a state in which the UAW holds sway over the legislators of both parties, and class envy politics has morphed into class warfare. In anger I nearly broke the “delete” key when removing it [...]
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The word is that new Obama-appointed GM CEO Fritz Henderson has the lawyers working overtime on a bankruptcy plan for GM. And while I’ve said before (and will say again) that this is the road the company should have followed in the first place, it’s nice to see that Henderson isn’t wasting any time.
Unwinding all [...]
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