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Rough ride for GM at Senate hearing

  • General Motors (GM +0.8%) CEO Mary Barra continues her testimony in Washington DC today, this time in front of U.S. Senators.
  • The politicians are extracting their pound of flesh from Barra, while the exec steadfastly maintains that the culture on safety has changed at GM for the better.
  • A major problem for the automaker is that internal documents seem to indicate GM took costs into consideration when deciding whether or not to issue a recall. There is also confusion as to why a part number wasn't changed after problems with the ignition switch were first unveiled.
  • Another sticking point for Senators is that no GM employee has yet to be fired over the recall issue. Some of the legislators have expressed surprise that no internal Code Red was issued by Barra or her predecessor.
  • Live stream of GM hearing
Comments (9)
  • Budavar
    , contributor
    Comments (1387) | Send Message
     
    GM cost taxpayers billions of dollars
    yet the culture of "stone walling" =
    as per complaint of at least one senator =
    persists in Barra's testimony to-day.
    2 Apr, 12:58 PM Reply Like
  • Ishi Kenjo
    , contributor
    Comments (144) | Send Message
     
    The White House won't fire people after scandals. Why should GM or anyone else? Moral ambivalence is taught from the top. GM thinks they can stonewall just like B.O. and the unsavory gang in the Capitol.
    2 Apr, 03:46 PM Reply Like
  • funfun
    , contributor
    Comments (2017) | Send Message
     
    On the Hill today, a squirming GM Chieftess, Marry Barra, was deceitful, disdainful, and downright dishonest. With its ingrained culture of dirty play and sleaze, this Company will be under the klieg lights for some time to come. No doubt criminal violations will ultimately be exposed. …funfun..
    2 Apr, 04:24 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    Stock up 2X that of Ford today.

     

    Keep shorting, you will lose.
    2 Apr, 04:53 PM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (677) | Send Message
     
    I doubt any criminal wrong doings will ever be determined as Gm will simply fork over 1 billion much like Toyota did to wash their hands over their sudden acceleration cover up and blame towards stupid consumers who get floor mats stuck on gas pedals.

     

    Gm knew of the problems, but it was more convenient to not fix.
    3 Apr, 01:27 AM Reply Like
  • backthetruckup
    , contributor
    Comments (4) | Send Message
     
    Maybe ask the legislators if anyone has been fired from the Cincinnati IRS office?
    3 Apr, 01:40 AM Reply Like
  • xilef
    , contributor
    Comments (440) | Send Message
     
    If you are going to call GM dirty and corrupt, you might as well do the same for all major auto players. They are all the same. GM will pay its dues. The filth of the former GM had to come out. Going forward, it will make the company that much more careful and will make the new vehicles much more reliable since the safety will be scrutinized. Eventually, the company will take a deserved hit when it pays out the settlement. The media is milking this from every angle. While it's detrimental to the company short term, once the improving fundamentals and sales take center stage, the stock will move fast.
    3 Apr, 02:26 AM Reply Like
  • Capt Jack Daniels
    , contributor
    Comments (677) | Send Message
     
    GM really won't learn any lessons other than maybe doing a better job at hiding bad data.

     

    Maybe they'll spend more money on lobbying lawmakers to allow for stupid disclaimers like warning only stick a single key into ignition with no other hanging keychains and or keys.

     

    There use to be a rumor how it was bad for you to have too heavy of keys dangling off the ignition, in that it made rigging and stealing those vehicle steering wheels more easy?

     

    Never heard about people dying from their air bags and steering locking up and not deploying.

     

    What angers me more is when only certain states manage vehicle sales in their states to get a recall and fix while they ignore the other states because they aren't as militant and demanding.

     

    What angers me more as a consumer, especially when I pay out of my pocket for something they engineered and designed poorly, is when they fixed it elsewhere, but managed to avoid having to fix the same issue in my current state.

     

    Potentially killing your customers and designing bad brakes that rust away at brake lines and other strategic spots is bad business. Fixing or only partially fixing some customers while ignoring others is like playing Russian roulette.

     

    Eventually the truth does get out, although sometimes it may take 10 plus years and the government bailing someone out multiple times before it does.

     

    I can't believe there aren't any former Gm people who might have gotten fired for trying to suggest or do the more right thing.

     

    Now is the time to speak out, albeit its a bit late.
    3 Apr, 10:14 AM Reply Like
  • funfun
    , contributor
    Comments (2017) | Send Message
     
    Any GM engineer or Manager with integrity, who down the line might have tried to think for himself or herself, and had an individual ethical reservation would have been attacked as not being a TEAM Player, career imperiled! Such is the culture of ENRON ETHICS in this intractably fraud-filled organization.

     

    …funfun..
    3 Apr, 10:42 AM Reply Like
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