GM Management drives company into the ground

GM’s CEO Rick Wagoner, who has destroyed more shareholder equity than most CEO’s in modern history(73 billion lost since end of 2004), has now decided to try and stick the American taxpayer with the bill.

I see no reason to bail out GM. If we give GM 25 billion or 50 billion or whatever it wants, what will GM do with it? Are they going to build better cars? Are they going to design something nicer? Are they going to come up with a labor contract that makes sense? Are they going to turn a hidebound bureaucracy into something more nimble and responsive?

No, they won’t. The biggest reason is that the management at GM will not change. And this is the same management that has driven the company into the ground.

(Update: Philip Greenspun over at his Weblog says pretty much the same thing, but much more eloquently)