With GM’s recent announcement that it will offer 6-year no interest loans and that it has also engaged Citigroup to help decide what to do with its Hummer brand, Mish has some harsh words for GM and Citigroup:
I see that GM now needs the help of Citigroup to dump the Hummer. Two of the most incompetent big caps have joined hands hoping for some Hail Mary play that allows GM to dump the Hummer. GM should have dumped the hummer and GMAC years ago. I said so at the time. It could have done so easily then.
It’s only fitting that two companies with no core competence seek each other out.
The imagery that comes to mind is just too funny to me. I picture two bumbling, maladroit fools trying desperately to run in a straight line.
Of course, hindsight is 20/20 and its easy to point out past mistakes. But when you look at the Japanese auto manufacturers, there really is no excuse for the lack of foresight and innovation exhibited by the American auto industry.
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