It’s hard to avoid the conclusion that GM is bleeding money because of decisions made by a management eager to please its political masters — and by the terms of the bankruptcy arranged by Obama car czars Ron Bloom and Steven Rattner.
Rattner himself admitted late last year, in a speech to the Detroit Economic Club, that “We should have asked the [United Auto Workers] to do a bit more. We did not ask any UAW member to take a cut in their pay.” Nonunion employees of GM spin-off Delphi lost their pensions. UAW members didn’t.
The UAW got its political payoff. And GM, according to Forbes writer Louis Woodhill, is headed to bankruptcy again.