Mitt Romney must be tickled pink. This week his wish came true: GM declared bankruptcy. Back in November, when the Big Three went hat-in-hand to Washington, the former Massachusetts governor (and Detroit native son) wrote an editorial advocating bankruptcy. Now it’s a reality. (Read my November post about Mitt’s idea.)
Now, will Mitt get a dream job? He should run GM, declared James Bennet, editor of The Atlantic.
It will be much harder to turn around GM than the Olympics, the neat trick Mitt turned some years ago. I pegged GM’s chances of a turnaround at only 10%. I wouldn’t up that if Mitt were in charge.
GM faces a double cultural whammy, as I described this week: the almost impossible task of radically changing its own culture, and an American car culture that doesn’t favor GM products. (Scroll down to read what we’ve been talking about this week.)
The tenor of the comments made this week on OurValues.org was not positive or optimistic. Greg said, “GM was almost from the beginning run by accountants, and as we all know accountants only care about the bottom line.”
Craig B had occasion to drive “a brand new Chevy Cobalt and a Mazda 3 with 40k miles on it on two consecutive nights, driving the same 2 hour stretch. IF we’re to buy GMs small/basic cars in future, they’ve got a whole mess of work to do…”
Dennis Archambault pondered the spleen vented at the car companies. “I have been amazed at the vengeful tone of many–local as well as national–regarding the demise of the two American car companies.”
In November, I wrote about the anti-Detroit attitude. It has many sources, and it is another component of the double cultural whammy.
Yet we’ve been called to sacrifice to help GM back on its feet. Like it or not, that’s what we are doing.
What are you thoughts about GM? About the possibility of a turnaround?
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