General Motors, the American industrial icon, who was the envy of its competitors for decades, has now been taken over by woke management pandering to the likes of the climate change fanatics-and right down a rabbit hole of future predictable losses and corporate destruction.
Sje wants GM to exit the ability to manufacture fossil fueled autos, yet the Sultan of the UAE said that the world would be back to living in caves if they gave up on fossil fuels.
Mary does not have to worry…she will not have to live in cave since she gets compensated over $20 million in various benefits annually for the abysmal job she is doing leading this company down the path of financial destruction.
Mary Barra, the aging and woke “Chair and CEO” of GM, who in her retirement is all set to receive over $40 MILLION–yes $40 million or more payout, along with payments for being terminated, has led this one mighty enterprise down the rabbit hole of wokeness and invited the lost and fumbling Joe Biden, who keeps saying he is from Scanton, pretending to some worker’s roots, to have photo opportunities as he sat rather confused in a ELECTRIC auto; god forbid they let him actually drive it!
Now keep in mind that at the time of that woke photo op, GM could claim that it was predicting that the future was all about Electric autos, EV’s but it hardly produced any, and those they they had sold often were pictured being on fire or smouldering afterwards. GM just announced no longer manufacturing its leading EV!
Ms. Barra, likes photo ops, and lays claim to being the most highly compensated WOMAN CEO of a auto manufacturing company, rather then being the smartest. She still likes to post her apparently high school photos of herself!
She got to that role again due to the woke board of directors and again the majority being women, not picked for their skills and competence, but for their gender. Diversity, Equity and Inclusion is the motto of GM’s management and hiring, not “best in class”…just striving to be the most woke.
However, it is the only duty of the management to first make money for the stockholders, and not subscribe to woke theories to gain the support of senile politicians who never had a real job and yet want to dictate the future for all.
Wokeness has set GM on a path of self-destruction with being “all in” on that path to EV mania, as its corporate mantra.
I was so disappointed that Mary Barra, who absolutely has no business running a bakery, much less this storied enterprise, has swallowed the kool-aid of EV mania and is dragging GM down the rabbit hole with that thinking.
She was proud to announce that Cadillac dealerships worldwide would have to do away with all gasoline powered vehicles, and have to convert all their maintenance service centers only to Electric….Many dealerships simply closed, and were paid to do so, rather than to go along with the nonsense of Mary Barra and her sycophants on the Board of Directors and senior management.
That was one of my favorite automobiles, and it had exuded luxury as it would be always distinctive as a “land boat” and over the decades would be a world leader in the luxury category.
Limousines that were Cadillac branded, were the most sought after for wealthy buyers and corporate titans. The President’s limo, nicknamed “the Beast” due to its armor is the most famous.
I still fondly remember my first Cadillac. What an automobile it was!
It was a 1979 Cadillac Coupe d’elegance! It was a very shiny pearl white with red pinstripes and an interior of pillow-like fabric material in chocolate color. Everyone who rode with me just raved about it. Later models had a hard time to copy the d’elegance interior, mostly settling for leather interiors.
That was the start of the nonsense of GM’s EV madness, and the declaration to phase out gasoline powered automobiles was the beginning of the end of a mighty auto brand.
GM stock was over $60 a share a few years back, and lately is got to a low of $26.30.
That is a loss of APMX. $40 billion in stock value!
That is a very significant decline and a staggering loss of value for institutional/mutual fund investors, a well as the portfolios of individual investors and 401-K holders, and created losses in future retirement benefits for those who held GM shares. NOT FOR MARY BARRA, whose retiremt is safe and not affected by the staggering decline in value of the company shares and value.
Even he “Oracle of Omaha”, Warren Buffet, whose Berkshire Hathaway owned billions in stock lost faith in the hapless Mary Barra and sold some of its stock holdings after holding for years-apparently waiting for the miracle of wokeness and GM’s success with EV’s promised by Mary Barra to the sheep in the media and woke administration EV zealots.
Now, instead of at least helping the stockholders to make us for a loss of half their share value, this **** Chair and CEO, announced that instead of declaring a $10 billion dividend payable to stockholders who have been hurt by her nonsensical policies, she announced the most ridiculous plan of a STOCK BUYBACK!
The buyback is a desperate effort by a clueless Mary Barra and the sycophant Board, hoping that buying shares that are bargain basement priced, will keep up their value and stop the steep decline caused by the woke policies…since now there will be a buyer for $10 billion worth of stock to prop up its stock price!
You see, the rest of the holders are stuck with a big loss on their investment, so they see a possibility of a higher price by holding out and selling out their holdings to cut their losses during the buyback….Mary is hoping that investors and stockholders do not see through her “smoke and mirror” plan to artificially boost the stock price.
Instead, the Company should have announced that they will use that $10 billion to pay out a long delayed dividend to all the stockholders, which would amount to approximately $7.50 a share!
That would be a great way to make up for the loss of share value and reared those long term shareholders who have lost half of their investment.
Mary Barra, is no financial genius but has managed to keep her post at this company for the destructive reasons of the woke agenda….she’s a woman so we can fire her for sheer incompetence…that would look bad!
The future of EV’s in the United states and the world is bleak. China will control most of the world’s supply of necessary minerals for the manufacture of batteries, and GM can say nothing about it because it makes EV’s and other autos there..so criticism is not allowed.
The EV’s have proven to be a losing boondoggle for all auto manufacturers, and GM is the leader of the losers! It’s additional commitment to self driving CRUISE division continues to lose hundreds of millions and billions to date.
Wokeness does not pay, when will GM management and Board replace this very bad woke executive and get back to making money in the real world instead of the EV fantasy?
Mary Barra is an EGO diva…her actual current look is that of an ugly old woke woman, yet in the GM stockholder reports she keep showing her photo appearing to be her high school photo!
What a fraud!