Whose Company Is It Anyway?

Folks, we are witnessing a Board of Directors at it's finest! A company, newly emerged from bankruptcy, lead by a Board of the powerful and not-so-powerful, asserts its control over the former Bankrupt and its management, sallies forth to the bar, and orders it 's first drink of power? Screw the deal, management, go back and explore the option of retaining that dog you thought you had hived-off in an auction to European buyers in accordance with the Bankruptcy plan, the plan you and the government, who lent you a mere $50 billion of taxpayer's money, had negotiated.

See, if by September's Board Meeting, you can put together financing sufficient to capitalize the the German subsidiary. After all, we are the mighty Board of Directors of the Mighty GM. Are duty is to protect the shareholders interest and make the right decisions, no matter that the US Government owns 70% of us and they want the deal to go through. No matter, this action will have diplomatic consequences and put the US Administration in a relationship bind with some of our biggest trading partners. We know what is best and we do not have to explain a thing. For we are the Mighty Board of Directors of the Mighty GM.

Let's get one thing straight, we taxpayers own 70% of GM. You are their representatives. The US Government does not own you. If you now suddenly want to retain what some fine minds have concluded would be better to jettison, I would like a clearer understanding why you novices want to overrule a management that was executing on a plan everybody but you guys have singed off. What audacity you have, sounding as if you are providing leadership when you are just assesrting power. It is up to you to explian your rationale to the American Taxpayers. Just because you have been appointed doesn't suddenly make you geniuses.

Suffice it to say, I am unimpressed. I am sure you could care less, but as a shareholder/taxpayer, what you do will affect me personally. You owe us an explanation, don't you think? If it is the right decision, we are capable of making that determination if you provide us the information. But if you insist on doing things in secret, then GM will never acheive anythig but a modest improvement, and at worst, will fall back into bankruptcy. Maybe then, the European buyers , or for that matter the Asian buyers, will be able to pick up some assets at an even further discount. Nice job, so far.