{"id":276,"date":"2008-12-30T17:04:13","date_gmt":"2008-12-30T22:04:13","guid":{"rendered":"http:\/\/at-scm.com\/index.php\/2008\/12\/30\/supply-chain-management\/gm-should-be-bankrupt-nevermind-it-will-be\/"},"modified":"2008-12-30T17:04:16","modified_gmt":"2008-12-30T22:04:16","slug":"gm-should-be-bankrupt-nevermind-it-will-be","status":"publish","type":"post","link":"http:\/\/at-scm.com\/index.php\/2008\/12\/30\/supply-chain-management\/gm-should-be-bankrupt-nevermind-it-will-be\/","title":{"rendered":"GM should be bankrupt. Nevermind, it will be…"},"content":{"rendered":"

I was just re-reading my earlier post on What is Credit?<\/a> when this piece of managerial brilliance crossed my desk – GMAC Adds Loans as U.S. Injects $6 Billion to Aid GM<\/a>. Who else but GM could one depend on to provide a consistent farce?<\/p>\n

There is little doubt in my mind that this company ought to go bankrupt (or be forced into bankruptcy – the management needs to be replaced<\/u>. And the unions – well, forcing this company into bankruptcy might very well mean the loss of a great deal of jobs and the brinkmanship that they have played in this farce wouldn’t be more well recompensed) because it doesn’t seem that its management has a clue about what brought them to the brink in the first place or maybe even left them dangling over a precipice. What brought them to the brink in the first place is the dearth of, nay, absence of profit that the firm chalked up these past years – prudent firms grow profit and trim costs. GM on the other hand does the reverse. What pushed them over the edge is the fact that the a great number of that elusive group called the US consumer is strapped for cash, not credit worthy by reason of being neck deep in debt. <\/p>\n

Therefore, GM has decided that its flagging fortunes will be rescued thus:<\/p>\n

\n
GMAC will now lend to vehicle buyers with credit scores of 621 or higher, compared with a previous standard of at least 700, according to a company statement. The higher threshold had excluded about 42 percent of U.S. consumers.
The company said it won’t finance <\/p>\n","protected":false},"excerpt":{"rendered":"
I was just re-reading my earlier post on What is Credit? when this piece of managerial brilliance crossed my desk – GMAC Adds Loans as U.S. Injects $6 Billion to Aid GM. Who else but GM could one depend on to provide a consistent farce? There is little doubt in my mind that this company […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,3,4],"tags":[],"class_list":["post-276","post","type-post","status-publish","format-standard","hentry","category-personal-observations","category-supply-chain-management","category-supply-chain-news"],"_links":{"self":[{"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/posts\/276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/comments?post=276"}],"version-history":[{"count":0,"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/posts\/276\/revisions"}],"wp:attachment":[{"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/media?parent=276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/categories?post=276"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/at-scm.com\/index.php\/wp-json\/wp\/v2\/tags?post=276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}