Sunday, April 26, 2009

Colvin's rant against government intervention

I'm beginning to tire of Geoff Colvin's anti-government stance in his regular Value Driven column in FORTUNE magazine. In a recent piece ("Will the Motor City Shakeup Work?", April 27), Colvin argued that General Motors' fate has less to do with the new CEO Fritz Henderson than with the restructuring model the US government is using.

To say that the screw-ups by the GM board is beside the point is a convenient excuse for failing to be accountable. The problem is, Rick Wagoner was both the CEO and the Chairman of the board before he was asked to step down at Obama's behest. So if Wagoner does not have the guts to bite the bullet, the postulation by Colvin that the government's approach will not work is simply an exercise in futility.

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