Good morning to everyone. We wish you a happy Tuesday!GM gets the woofy award this morning. Recently GM tanked the deal to sell Opal to a Canadian firm backed by the German Government and a Russian bank. This amounted to an $8 to $10 Billion commitment to the restructuring of Opal throughout Europe. The move created hard feelings with Governments all over Europe.
Yesterday we learn that now GM is begging for Government loans to accomplish the restructuring of Opal. And oh, by the way, Chancellor Angela Merkel of Germany is admonishing all Governments not to be lending to the Americans. What does this tell us? That GM had no plan and no idea how they would restructure Opal; they just decided that they did not want to sell. How can you have no plan and no direction with a bankrupt company that commits billions to a restructuring? The answer of course is this kind of decision is exactly what landed GM in the predicament that they are currently in.
The US taxpayers will ultimately pay for this act. It makes me crazy...and you? Please have a blessed day today!!
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