Wednesday, April 8, 2009

In 2007, you ensured that GM became the world’s largest loss making corporation – with an unbelievable $38 billion lost in 2007!

IIPM Ranked No. 1 B-School In Global Exposre - Zee...

we love rick reason #5 Rick, this is the final reason, and we believe the most important, as this is purely based on statistics. You ensured that GM’s sales, which were $205 billion in 2006, fell dramatically to $181 billion in 2007, and to a wonderous $80.6 billion in the first six months of 2008. In 2007, you ensured that GM became the world’s largest loss making corporation – with an unbelievable $38 billion lost in 2007! You’ve perhaps decided to go one up and till now in 2008, you’ve already shown murderous losses of $21.3 billion! Rick, you’ve not only smashed up your customers and your company, but you’ve also walloped the pants off your shareholders too. You’ve ensured that from January 1, 2007, when GM’s share price was $30.7, the same came down to $10.16 by August 2008, to $4.9 by December 12, 2008. In the past 12 months, you eroded a shocking $15 billion of shareholder wealth.

sir, you go down with us Rick, seriously, why should we fire you? Remember those good ol’ days? When you used to tell us jump, we used to ask how high. When you used to ask us to buy, we used to beg you, how many? When you used to order us to be blind, we closed the eyes of even those around. Sir, in our good times, you literally took us for a ride and ripped us apart. In our bad times, allow us to pay you back in the same coin. If the GM ship is going down, the captain goes down with it, Rick.


For more articles, Click on IIPM Article.
Source :
IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and
Arindam Chaudhuri (Renowned Management Guru and Economist).


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