This is insane. I never thought I'd see this in my lifetime.
After seeing Enron, and all the rest of those good businesses go to hell,
Coca-Cola changing it's famous formula and having to go back to "classic
Coke", accounting scandle after scandle, UN corruption, and then this... it
really makes you wonder what they teach these guys in College, business
school, and the "good ole boy's club".
Maybe what we need running corporations is people with common sense, not
just those that can impress a board. Maybe the board is the problem? Henry
Ford would have never been elected by a board. Neither would Michael Dell
and a bunch of others. Delorean should have been the top dog at GM, but the
goold ole boys stopped that from happening. They need men with vision and
guts, not chart readers.
Time for a stockholder ovethrow? If they current management can't figure
out how to make a profit then maybe some new people can .....and maybe they
will listen to what he people ask for instead of what they WANT to build.
Steve
> [Original Message]
> From: KW <[EMAIL PROTECTED]>
> To: The Chevelle Mailing List <[email protected]>
> Date: 5/5/2005 3:57:06 PM
> Subject: [Chevelle-list] GM- Ford
>
> They better get their head out of their A$$, maybe bring back the Camaro -
> Firebird or a retro Chevelle!?!
> Keith
>
> Standard & Poor's cuts GM, Ford to junk status
>
> Reuters / May 05, 2005
>
> NEW YORK -- In a one-two punch for financial markets, Standard & Poor's
> cut General Motors' and Ford Motor Co.'s debt ratings to junk status on
> Thursday, citing brutal global competition and flagging sales of the
> automakers' most profitable vehicles.
>
> The downgrades, which total about $290 billion and are the largest cuts
> to junk in a single day, jolted financial markets. Stocks and the dollar
> weakened. Safe-haven Treasury debt prices rose. The broad junk bond
> market, which by some measures will expand about 15 percent in short
> order, dropped.
>
> Burdened by junk ratings, the automakers have fewer avenues for raising
> funds. Their shares extended their losses and their bonds fell by about
> 5 cents on the dollar as investors braced for investment grade portfolio
> managers to sell auto debt.
>
>
