By: Edmund Jenks – West Coast Editor
In an age of government takeovers and crony-capitalism, the citizens of the United States are uniquely connected as partners in business.
Today, a poor earnings/profit report was released just six days before a national election is scheduled to take place – the election for President of the United States. The poor earnings/profit report was released by General Motors, which was taken through bankruptcy in a process that greatly damaged trust throughout the investor and business community … a Federal Government takeover.
This action changed the ownership of one of the largest manufacturing enterprises in the world from one based on free enterprise to Government and organized employee Union ownership.
General Motors reported a drop in profit of 12% and in most business environments this would be a great cause for concern. As forced stock holders, every American citizen owns a piece of the company and the de facto CEO of the company is the President of the United States.
This excerpted and edited from Businessweek –
GM 3Q profit falls 12 pct
By Tom Krisher – AP – October 31, 2012
A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up in premarket trading Wednesday, even though the company’s third-quarter net profit fell 12 percent.
GM said it earned $1.5 billion from July through September, down from $1.7 billion a year earlier, as European pretax losses widened and North American profits fell.
But South America swung to a big profit and GM posted better-than-expected results internationally outside of China.
This Associate Press release reprinted in Businessweek, however rosy, hides the fact that if we, as stockholders, are dis-satisfied with the direction of earnings and profit at General Motors, we can change the CEO November 6, 2012.
We can keep a community organizer, lawyer, law school lecturer (not teacher or professor), and current 44th President of the United States, Barack Obama as the CEO of General Motors …
… or we can vote for an incredibly successful businessman and turn-around specialist who was born into the family of CEO of American Motors – George Romney, CEO, 2002 Winter Olympics Organizing Committee – Salt Lake City Olympics, and the 70th Governor of Massachusetts … Mitt Romney as CEO of General Motors.
The choice seems pretty easy … we, at MAXINE ask, what say you?
** Article first published as General Motors Stockholder’s Vote To Change CEO Nov. 6, 2012 on Technorati **