Mimicking Obama: General Motors’ CEO Blaming Everyone Else for His Failed Policies
General Motors (GM)’s stock price has now dropped by 33% since the company emerged from its $50 billion-taxpayer-funded bailout bankruptcy.
And on Tuesday, President Barack Obama-appointee CEO Dan Akerson had to face GM shareholders at their annual meeting.
Lest we forget, We the Taxpayers are still conscripted stockholders to the tune of 500+ million shares -- on which we’re currently poised to lose more than $15 billion. That sets us up to lose more than $30 billion on the auto bailout “success.”
It is pretty clear why GM’s stock continues to tank. GM is less and less a for-profit car company and more and more a mini-Obama Administration -- a leftist ideological nightmare mess.
The crashing stock price is a reflection of this ongoing Government Motors transformation.
GM acquired AmeriCredit and renamed it GM Financial to expand its subprime auto lending and leasing.
Subprime lending? Meaning like Fannie Mae and Freddie Mac for Government Motors? Why, yes.
Just another in a long series of brilliant GM business moves.
Government Motors...sells (Chevy) Volt hybrids for $41,000. Volt hybrids cost GM $41,000 to make. It’s a zero-sum, non-profit product...
GM (in 2010) received more green (non-energy) energy patents than any other organization on Planet Earth...
And in bad joke harmonic convergence, GM spent $3 million to install solar panels at a (non-profit) Volt manufacturing plant - in order to save $15,000 a year in electricity.
...And if you haven’t yet had enough GM solar, and you liked Solyndra, and Beacon Power, and Ener1, and...
...Since its inception, General Motors Ventures has closed on 13 investments worth around $60 million, according to (GM's Tim) Brumbaugh.
They include a $7.5 million investment in Sunlogics PLC -- a manufacturer of solar-energy systems -- and a $6 million investment in Proterra Inc., which makes zero-emission transit buses.
Tremendous “business” decisions, all.
On Tuesday, the shareholders were restless.
When General Motors shareholders complained at their annual meeting about the company's languishing stock price and the lack of a dividend, CEO Dan Akerson had answers for most of their questions.
Did Akerson acknowledge the three-plus years of his abysmal Leftist fantasy “business” decisions, and promise to return to a solid, basic car-making approach?
Not so much. Akerson is, after all, GM’s mini-Obama. So he did what Obama has incessantly done - blame everyone and everything but his own failed policies.
The stock is down because of the company's losses in Europe, its huge global pension liability and overall uncertainty about the economy, (Akerson) told shareholders in Detroit on Tuesday.
Why not throw in - in true Obama style - “headwinds?” (Barely existent) cuts in state and local governments? ATMs? ATMs again? Bad luck? President Bush? Congress? Earthquakes? The Japanese tsunami? The Middle East? The Arab Spring? High gas prices?
Actually, Akerson can’t exactly blame higher gas prices - because he has in true Obama fashion called for a dollar-per-gallon gas tax increase.
And GM is working to fix all the problems it can control, (Akerson) said.
"It's not chasing a hot trend," Brumbaugh said. "It's something that if you're going to do it, you have to stick to it -- and management has to stick to it -- over decades."
Any company that spends $3 million on solar panels to save $300,000 - over a quarter century - is nowhere near a stock price resurgence.