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5/4/2005

First Chrysler – Now General Motors

Filed under: — GM Guy @ 9:29 am

Automotive News [reg. req.] tells of a new Kirk Kerkorian stab at buying up a piece of the automobile industry, this time his target is GM.

“The vultures are now flying over the carcass,” said Richard Steinberg, president of Steinberg Global Asset Management, a Florida asset management firm that owns debt issued by GM and and its finance unit GMAC. “I think he’s trying to wake up management. I don’t get the sense that Kirk Kerkorian wants to control General Motors.”

Interesting. GM stock is rising on the news, and dragging the whole market along with it. Maybe this will be the kick-in-the-pants that the union needs to renegotiate the whole retiree health care disaster that is crippling the world’s largest automaker.

Irregardless, if the General doesn’t speed up the release of world-class new product, it won’t matter in the end.

BTG Motoring, for all your car, truck or SUV parts and accessories

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