GM not doing much to help own cause

General Motors' compensation costs exceed $73.00 an hour vs the $48 an hour paid by Toyota in their U.S. factories.

In the past ten years the Big Three's share of the domestic market has declined from 70 percent to 47 percent.

GM's stock price has gone from a 52-week high of $31.07 to a low of $2.75.

As the above figures relate specifically to General Motors' performance one would have to assume that GM's board of directors would be up in arms over management's direction over the past decade. The stock price has declined 91.2 percent over the past rolling 52 weeks. What did the GM board recently do to address this financial mess... it voted its unanimous support for CEO Rich Waggoner. To further compound this incompetency Mr. Waggoner said he would not resign to assure government bailout support.

Is there a better case to be made for letting GM file for bankruptcy? A clueless board of directors and a delusional CEO hardly conveys confidence in their ability to provide the stewardship, with taxpayers money, to resuscitate a dying industrial giant.

Steve Sarich

Grayslake