Tuesday, April 19, 2005

GM's 1.1 Billion Loss In Perspective

1.1 billion Catholics: Have a new Pope today.
1.1 billion people worldwide: Are followers of Islam.
1.1 billion dollars: GM's first-quarter loss posted today.
1.1 billion pirated music discs: Are sold each year.
1.1 billion people: Have no access to clean safe water.
1.1 billion dollars surplus: In the Emirate of Dubai's 2005 budget.

The wealthy Arab emirate of Dubai could bail out GM in a single bank transfer. Or, if every Catholic or every follower of Islam in the world contributed just ONE dollar to GM, this American icon would be in the clear. Perhaps they could work out a cars-for-debt scheme.

A bail-out scheme mightn't help GM at all, since the company's troubles run far deeper than its first quarter report suggests. The linked article suggests that GM is a prisoner of its past.

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