A giant falls :

The collapse of General Motors into bankruptcy is only the latest chapter in a long story of
mismanagement and decline

. 6 1 11
.
. (General Motors' application on June 1st for Chapter 11 protection from
its creditors, triggering the biggest industrial bankruptcy in history, was nonetheless a momentous
event.') 2008 GM
900 34 234,500
91,000 . GM 493,000
.
. GM
822 GM 1720 .
('Amid the huge numbers, one comparison stood out: against assets of $82.2 billion, GM has
liabilities of $172 billion.') 1 GM
(financial officer) GM (Fritz Henderson) 30

. . 3
(Rick Wagoner) . GM

 (Hummer) 5
. 11 GM 3
GM .
2007 . GM
3 GM
. ('There was hope both inside GM and among industry commentators
that after three years of huge losses and painful downsizing the carmaker was at last on the road
to viability.') GM (United Auto
Workers)
. 2007 10 GM $43 3 .
GM
. ('Better still, independent surveys were reporting that
many of GM's factories had closed the efficiency gap with Toyota.') GM 2001
. Buick
Enclave Chevrolet Malibu .
GM GM
. (The final element of this cheery
prognosis was GM's success outside North America, especially in fast-growing emerging markets.')

. GM 65% . GM
. GM
12% .
GM
. 2007

GM
.

.
GM
SUV .


GM
. 2008 12 2007 12 35.5%
4 GM
.

 ?GM 100 GM
. 1920 GM (Billy Durant)
39
. 1923 GM (Alfred Sloan)
.
15
.
GM . ('The different divisions were
run almost as independent fiefs that fought among themselves and against any interference from
the center.')
GM 2 1960
GM 50% GM
. GM 1970 1
. GM
GM . 1980
GM
. GM
GM GM
. GM
.
1980 GM
. GM
SUV .
1990 300 2000 GM
. GM GM
.
2003 28% 40
.
.



1400 . (Every year the
cost of retired workers' health care diverted billions of
dollars from developing new models and added $1,400
to the cost of each car compared with those made in
Asian and European transplants.')

 .

. GM .
.

GM .

.
GM

.
.
. GM
.
.
(Fiat) 20%
35% . 55% 10%
.
GM 9
. GM 200 300
60.8% 95 11.7%
17.5% 10% .
GM
18 .
GM 14 2,400 , 21,000
8,000 .
790 . ('The new GM will shed all but 14
factories, 2,400 dealers, 21,000 hourly paid jobs, 8,000 white-collar jobs and crucially $79 billion in
debt.') GM 1000
950
.
GM .
GM .
GM 2008 308 2010 212
. ('Without doubt, its structural costs will be much lower: $23.2 billion in 2010,
against $30.8 billion in 2008.') GM


. GM
GM .
.
GM . ('The first is that
although Mr Wagoner has gone, there has been no cull of GM's leaders- who helped to get it
into this mess.') GM
.
GM .
GM 6000

. ('Second, although GM's cost base will be more in line with that of its
transplant rivals, it will still be handing about $600m a year to the UAW in the form of dividends
on preferred stock to comply with the revised health-care agreement.') GM 200
GM
300 .
GM . ('Third, GM's
market-share forecasts still look optimistic.') GM 1%
18.5% . GM
GM
. 250,000
2018 2% 6% .
GM
.
. ('Fourth, there is a danker that with the
government as its biggest shareholder, GM will be pushed into making the kind of cars- smaller
and more fuel-efficient- that Mr Obama approves of rather then sort Americans want to buy.')
(CAFE)

.
.
GM
. (Finally an analyst notes GM has suffered as much from a
price problem as from a cast problem.') GM 3000
10000 .
. GM

 .
GM .
GM .
GM .
.
GM .
--------------------------------------------------------------------------------------------

GM

GM .
GM
.
GM
GM
.
9 GM GM
GM
.
GM $20-25
$10-13 .

. GM
GM
GM
.
GM
GM
.

.

Source: 'The bankruptcy of General Motors' The Economist, 2009.6.6

By - blog.naver.com/cgeorge07

[ ] - 'The bankruptcy of General Motors' The Economist,

2009.6.6