GM reemerged from bankruptcy yesterday and it was the biggest story since Michael Jackson’s funeral. All of the media outlets are talking about the new GM. GM is leaner and meaner! GM is reinventing itself! GM is the New Coke!
But what about GM really changed? They still have the same management, the same brands and the same cars. The company is like your irresponsible sibling that runs up card debt, takes out a second mortgage, goes to a credit counselor, and then continues with his or her free spending ways.
GM is in the same position British Leyland was thirty years ago. Only GM makes cars that run. Like British Leyland they will continue to get government handouts, and if they continue with the same corporate culture, making the same cars, they will be back in bankruptcy court within five years.