"They don't put anyone in jail. Agree."
Who should go to jail in your opinion...and why. Please respond with facts based on interviews and documents. What was their motivation?
"I challenge anyone on this board to say they've actually read it."
Challenge accepted. I have. It's not lie reading a novel, it's double spaced and written in legal format, so each page isn't very packed.
I assume these are the victims in the ignition switch failures, am I correct? If so, several of these show the ignition mode in 'run'. If the switch is in the run position, why are they listed?
Help me out.
"Clearly, there are people out there with such hatred for GM that they will not accept any report that falls short of criminally indicting every executive in the company. This report is highly critical and complete. As I've said, anyone dismissing it "out of hand" is either dishonest or simply hasn't read it."
The irony here is that this report issues a scathing analysis on GM, its culture, and several of its people. Because RDH has this aversion to reading things that may change his perception and show that some of his long held, unfounded suspicions are false, he is passing on a lot of good material.
About half of those terminated were executives and several were Vice Presidents. What's not mentioned in the article is that several people whose names were mentioned in the report have also voluntarily left GM and are working some where else now. Plus some are retired. Which raises an interesting question. Hypothetically, let's say someone involved in this mess had retired. About a year and a half ago, GM offered to buy out the pensions of some salaried people. Suppose the person involved retired, and GM bought out his/her pension. I guess that person "got away" (from GM penalties anyway, if there was intent I assume criminal charges will be forthcoming).
I would like to ask Mr. Valukas if he were still a US Attorney, would he bring criminal charges against anyone? I'm guessing he would say no. Based on the report, he hasn't concluded that there was intent on anyone's part, merely incompetence or lack of purpose in resolving the issue. According to Mr. Valukas conclusions, the single biggest problem preventing the quick resolution to this problem was the lack of connecting the dots between an ignition switch failure and the disabling of the air bag. The ignition switch was being investigated due to a low frequency engine stall situation which was not deemed as safety related. That was the cause of the delay in resolving the issue.
"Let us hope Congress does not receive this report and conclude an independent investigation is not necessary. If the info they volunteer is as bad as you imply, an independent look would likely blow the doors off this company."
You're hoping for help from congress???? That's the funniest thing I've ever heard. If you believe that congress has the ability to search for the unfettered truth you are crazier than a loon.
"You lower yourself by associating with them."
And you lower yourself by reaching conclusions with no data. Mr. Valukas is a former US Attorney (appointed by Ronald Reagan), and Chairman of one of the most prestigious law firms in the country. He was the bankruptcy examiner for the Lehman bankruptcy. He was a professor at the Northwestern law school. And yet you think he was bought and paid for.
I'm just curious, who do YOU think should do the investigating? Who's report would you believe? That's a serious question.
On second thought, DON'T read the report....allow your full display of ignorance totally devoid of facts to shine through. If you believe I am defending GM on this, you need to reread my posts.
"It's typical for an engineer to seek sources that are reliable and discount unreliable data."
You have a history of ignoring documents that may have a negative impact on your preconceived notions (re: the CAR report on the impact of the auto industry). You should read the Valukas report. It is not sugar coating by ANY stretch. On the other hand, if you prefer to remain ignorant so you can make things up, have at it.
"As Ray DiGeorgio about that."
I would if I knew him, but he was in a different world from me. There is no doubt he deserves to be fired along with the others. I would have handled this differently though. Instead of putting the spin of old/new GM on this, I would have simply said that there were a handful of people that didn't do their job, were incompetent, etc. Discharge them and paid the bill. At least in my part of the GM world, the safety of the product was NEVER, EVER seen as secondary to cost, careers, or anything else.
They were incompetent and they were fired. Right now there are people being walked out of the GM Tech Center with their personal belongings in cardboard boxes. Those that drove company cars are being putting into taxi's. Good riddance.
I will say this about GM. There were far too many people more worried about career advancement than doing a great job. That was a problem, although I suspect (and know in some cases) that other companies had the same problem. Those people need to be sorted out and made to disappear. I disappeared some myself.
"when i have an urge to speak seriously with you, i lay down and wait for it to pass."
Great! You'll save yourself some self humiliation. BTW, I don't have you on electronic ignore, but most of the time I have you on attention ignore. I will pop in from time to time when you say something stupid when trying to say something serious. Stick to the Mary News, it's more your speed.
"I am glad you care about me buddy, but I am far from fallen into deep depression, LOL!!!!!"
That's great to hear. Some people take this investing stuff far too seriously. You can't be right all the time.
"I watch the stock (all my investments) very closely and exited my position before having to cover."
Also good news. One question though. How come you came to this board and very loudly proclaimed you had just shorted this POS and were only trying to help others. Then you exited your position with nary a whimper. C'mon, how much did you lose?
"And of course in the background is the major glut of unsold GM products. When they came out of bankruptcy they explained how they were going to work to reduce their unsold dealer stock that was up to 680,000 vehicles.....and instead by April they have ballooned up to a fresh all time high of 826,000."
You must have missed the good news in the sales release for last month. Inventory fell slightly to 816K but because of the highest sales month in 6 years, DOH fell to 77. Do I need to show you how to calculate that again? I'm sure you think they are lying.
"the law firm, dewey cheatem and howe, was hired by gm senior management to “investigate and clear” senior management of any dirty deeds. Below are notes taking during the internal investigation."
There you go. This stupid stuff is more your speed. When you try to speak seriously you range between incompetence and incriminating.
"It's not that it is ugly, but what was their thought process in thinking this car would sell?"
I'm interested why you think it was a horrible idea. I'm sure they didn't expect it to sell very many. The real question is was it a bad business decision. In order to answer that, you have to know what the unit cost as well as the tooling costs were.
You seem to have all the answers, what were they? Don't forget it is built on an existing platform, existing chassis, existing propulsion system, and an existing assembly system. What does trim cost? What is the unit margin?
You don't know and neither do I, but that doesn't stop anyone having an uninformed opinion I suppose.
"He would probably use the Sargent Shultz defense, in another words he would claim to know nothing, and based on his intelligence, or lack thereof, the judge would likely agree."
After a psychological examination he would probably be found incompetent. I just read an article that some state was trying to preclude capital punishment for people that had an IQ less than 60. I think we have a candidate.
"Bear in mind though, the reward is generally commensurate with the status of the criminal. Help 'em get the CEO and you're talking big bucks. In PM's case you might get enough for a cup of coffee. I'm not talking Starbucks either - I'm thinking gas station coffee is probably the most you'll get."
I'm sure you're right. Every crime has a dumb accomplice that was easily duped. That has PM written all over it.
"Wngr, PM worked for Dana, which filed for bankruptcy. His supply chain experience consist of calling the LTL carriers and loading the merchandise on the truck."
If that's the case, and since Dana is a public company, he has admitted to be party to a felony. He does seem to know all about the crime as he described it...I wonder if there would be a monetary award for turning him in.
I'm worried about him. We haven't heard from him in several days, and I'm wondering if he's fallen into a deep depression...or maybe he's just trying to explain to his wife where all their money went. She probably doesn't understand what great tools the 'Death Cross' and 'Head and Shoulders' are, can't fail.
If he was truthful in his statement to us, he shorted GM on April 3, 2014. On that day, the trading range was $34.73-$35.50. With today's high of $36.88 (so far), he is between $1.38-$2.15 per share under water, depending when he executed. I suppose today's run up has to do with the internal investigation release that exonerates GM senior management according to media accounts, plus the fact that apparently this problem has been shrugged off by the buying public, plus it's old news now...off the front page. And you know what off the front page means, it's no longer of interest to congress, they're off on a VA witch hunt now.
Oh well, I'm kind of glad he's gone. He wasn't much fun anyway.
"one of their tricks was to sell to mid-sized distributors before the quarter ended. then the distributors returned the product at the beginning of the next quarter. sometimes we found that the distributor didn't even unload the product from the truck, just turned it around and pointed it back to the dc!"
I suppose you know (yes, a gross assumption) that if this were a public company, this constitutes fraud by overstating profits. If you don't believe me, look up JT Battenberg and Allen Dawes from Delphi.
If it was a private corporation, the owner should have fired the CEO and everyone that knew about this including yourself. I'm not sure sure that crimes were not committed even in the private scenario.
"... but I'm quite sure I know more than you!"
That would put you in the same group as Kermit the Frog.