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As a retiree from General Motors, I was very interested in the financial downfall of an American icon. It is particularly disappointing because GM was known for very competent financial management. The information in this post was part of correspondence with a non-GM colleague started as a result of a 2009 Jun 07 Detroit Free Press column, "The real reasons for the auto crisis" which is reprinted in Appendix A. My view was/is that the column reflects the excuses and denials that were a very strong factor in General Motors' decline for many years.
I have a different outlook on this subject. Regardless of the circumstances, the board and the officers of a company have the responsibility and obligation to lead and manage the affairs of the company to produce favorable results. This requires an understanding of external factors which management may not be able to control but should be able to influence. In any event, the leadership must deal with the external factors. The board and the officers are accountable for the results.
This post is long, but hopefully is an easy read. This post is the result of my personal review to check and adjust my observations and recollections about GM.
The continuation of this post describes many of the facts and observations.
Don Nordeen
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Continue reading On the Demise General Motors.
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