but 5.9 billion is a long way from 50 billion.
Reader comment on: Steven Rattner on Richard Wagoner
Submitted by Lyle (United States), Nov 3, 2010 09:17
Ford actually had management who knew what they were doing. The current system for director elections resulted in GM's old board being a old boys club and keeping an incompetent management for 20 years or more.
In general when people blame unions for issues it's really managements fault. The union has one and only one job, to get the best deal for its workers in the short term, since the union leadership is elected for this purpose only. The long term future of the company is management's issue. But of course management will take its parachutes in the short term and don't give a damn about the long term. Stockholders only have the option to sell since management does not want to give stockholders the ability to nominate directors on the proxy statement, fearing special interests. If 51% of the stockholders of a company want to run it into the ground, is that not their right as the owner of the company!
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