Sunday, May 31, 2009

Xerox CEO Says GM Bankruptcy Only Path

GM is expected to file for bankruptcy on Monday.
On Meet the Press, Anne Mulcahy, CEO of Xerox, says GM has no other path but bankruptcy.
That's because the auto industry destroyed itself. It's interesting that people are playing it as if Obama destroyed the auto industry. These weren't companies just teetering on bankruptcy. They were companies teetering on oblivion. They ran an entire U.S. industry into the ground with bad management that wasn't able to work effectively with organized labor. The Obama administration is working on saving an industry, not a couple of companies.
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