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[quote=xoxoxoBruce;695083]Wagoner was fired because rattner didn't like him.

Wagoner was not a perfect manager, by any means. Unlike Alan Mulally, the C.E.O. at Ford, he failed to build up cash reserves in anticipation of the economic downturn, which might have kept his company out of bankruptcy.

Mulally did not build up cash reserves. But an MBA hyping money game myths would order you to believe it. And you did. It is called brainwashing.

Mulally had profits because his products were designed/ modified by engineers. Even the Malibu - the best GM could do under Wagoner - made almost no profits. Other vehicles were selling at a loss. Mulally was selling Fords that were profitable. Wagoner was inventing profits by even shorting the pension funds. Oh. Your citation forgot to mention that to, instead, blame the unions? Honda and Toyota make the same 'just as large' pension contributions - and still have profits.

Wagoner did not inherit anything. He created it. How did GM avert bankruptcy in 1991? GM stopped funding the pension funds. Incurred $billions in obligations to claim only $millions in profits. Wagoner did not inherit this. He create the accounting that made fraud legal. He did this first in 1991 so that GM - only four hours from bankruptcy - suddenly had profits on their spread sheets.

No cash flow (or cash reserve) exists when most GM cars sell at a loss. Why did your article forget to mention reality? Mulally did not create cash reserves. It is called cash flow. There is none when corporate management does not even drive cars.

GM management so screwed all products that every Saturn could never make a profit. Unions did not put crappy 1968 engines in GM cars. 25 man-hours per car did not create those extra $thousands for each Saturn. Did you do the math? 25 man-hours is all labor for one patriotic car. How does a union wage times 20 man-hours increase costs per car by $thousands? Your citation is called brainwashing.

Wagoner went back to Detriot. Got on WDAS TV that weekend. Said that GM is in the best shape it has ever been. That GM's only problem is the economy, unions, unfair Japanese competition, ... the usual suspects. Also called lies that work becasue so many Americans fear to do simple arithmetic. 20 man-hours times how much per hour?

GM submitted their recovery plan. Every Democrat and Republican on the recovery committee was flabbergasted. After 20 years of corporate analysis, one Republican member never saw a corporation so incompetetnt and so in denial. Chrysler managemenet understood their position. But every top GM manager was in complete denial. GM's plan to the government was to do nothing. To wait for the economy to recover. GM was in the best condition in 30 years, as Michelle Maynard reported. That was Wagoner's entire recovery plan to obtain TARP assistance.

Why does your article forget to mention any of this? And provide no numbers. Was it written for brainwashing the most ignorant. Apparently. Reality and numbers say no cash reserve exists when the car cost more to build than it sells for.

Wagoner did not inherit anything as you well knew. And you quite well knew that. GM management was in a 20 year program to reap cash using spread sheet games. Wagoner is personally credited with created the legalized fraud that averted bankruptcy in 1991. Once GM had successfully mortgaged GMAC for cash, then Wagoner had nothing left to rape. And owed the pension funds $20billion. Wagoner had nothing left to rape for cash.

GM cars costs more to build than what they were selling for. Withheld $billions from the pension funds to pay for defective cars that earned no profits. So your a business school graduate ignored that in his article. And you call it credible?

Now do some arithmetic. A patriotic car takes twenty some man-hours to make and assemble every part. 20 man-hours in a car times how many dollars per hour? How does that cause some GM models to cost many $thousands more? Oh. An MBA told you it was only a cash flow problem. Numbers say otherwise. So your citation avoided those numbers. Where does that article also claim to be "Fair and Balanced".

Rick Wagoner did when he said GM was in the best condition in 30 years. Your ariticle all but agreed. Meanwhile, we should be prosceuting him for fraud. Unfortunately, the list of bankers about to be prosecuted next year for the same spread sheet games is believe to be in the hundreds.