[DeTomaso] NPC: REALLY NO PANTERA CONTENT, US Auto Industry Bailout OPINION

[msm at portata.com]

"... which ran in Automotive News"

Note to GM execs: most people such as your potential customers do not
read Automotive News or for that matter, fly in private jets.
Fortunately, in you new careers as Walmart greeters, you will get to
meet many of these fine people.


-----Original Message-----
From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com]
On Behalf Of michael at michaelshortt.com
Sent: Monday, December 08, 2008 12:28 PM
To: notstock at yahoo.com
Cc: kenn_green at yahoo.com; Asa Jay Laughton; Pantera Forum
Subject: Re: [DeTomaso] NPC: REALLY NO PANTERA CONTENT,US Auto Industry
Bailout OPINION

This just off the wire, I love the first half of the last sentence.

*"GM, which is now committed to making car consumers want to buy "*


Duh!  Shouldn't that have been the plan all along??????




General Motors (GM <javascript:stockSearch('GM');>: 4.83, +0.75,
+18.38%)
needs $18 billion from the government and taxpayers and wants the
American
people to know why.

In an open letter titled "GM's Commitment to the American People" which
ran
in Automotive News, a trade journal ready by industry executives,
lobbyists
and other insiders, the beleaguered car maker candidly acknowledged it
has
disappointed U.S. consumers and pledged to do better. It said recent
strides
to improve the company have been hurt by the economic downturn, which is
why
it needs the loans.

"We are in the midst of the worst economic crisis since the Great
Depression," said GM in the missive. "Just like you, we have been
severely
impacted by events outside our control. Despite moving quickly to reduce
our
planned spending by over $20 billion, GM finds itself precariously and
frighteningly close to running out of cash."

Still GM acknowledged that while the economy is hurting the car company,
it
has made missteps it only has itself to blame.

"At times we violated your trust by letting our quality fall below
industry
standards and our designs become lackluster," wrote GM. "We have
proliferated our brands and dealer network to the point where we lost
adequate focus on our core U.S. market." What's more GM said it wrongly
focused on pick-ups and SUVs over other brands and as a result "paid
dearly."

Indeed last week GM reported that sales fell 41% in the month of
November.

GM, which is now committed to making car consumers want to buy, said its
restructuring actions should enable the company to start repaying
taxpayers
in 2011.
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