Monday, December 08, 2008

And give me three hail mary's and an our father and I'll give you absolution...

Some guys will do anything for a handout. Including engaging in self-flagellation:

DETROIT (Reuters) - General Motors Corp on Monday unveiled an unusually frank advertisement acknowledging it had "disappointed" and sometimes even "betrayed" American consumers as it lobbies to clinch the federal aid it needs to stay afloat into next month.

The print advertisement marked a sharp break from GM's public stance of just several weeks ago when it sought to justify its bid for a U.S. government on the grounds that the credit crisis had undermined its business in ways executives could never have foreseen.

It also came as Chief Executive Rick Wagoner, who has led the automaker since 2000, faces new pressure to step aside as GM seeks up to $18 billion in federal funding.

"While we're still the U.S. sales leader, we acknowledge we have disappointed you," the ad said. "At times we violated your trust by letting our quality fall below industry standards and our designs became lackluster."

The unsigned open letter, entitled "GM's Commitment to the American People" ran in the trade journal Automotive News, which is widely read by industry executives, lobbyists and other insiders.

In the ad, GM admits to other strategic missteps analysts and critics have said hastened its recent decline.

"We have proliferated our brands and dealer network to the point where we lost adequate focus on the core U.S. market," the ad said. "We also biased our product mix toward pick-up trucks and SUVs."

That they have to adorn themselves with sackcloths and demean themselves and otherwise obsequiously shed every shred of dignity to get themselves on the public dole is sorry enough. But not even this smarmy exercise in self-flagellation could appease the self-righteous, pompous asses that make up Congress, who would not back down from exacting their pound of political flesh from their scapegoat du jour:
Senate Banking Committee Chairman Christopher Dodd, a Democrat from Connecticut who is central to the effort to craft an auto bailout bill, on Sunday said GM should replace Wagoner.

With the hideous regulations and union kowtowing that Dodd, Frank & Co. exacted from the U.S. auto industry, crippling their ability to be competitive (not to mention the charms they worked on the home mortgage industry); that these incompetent buffoons continue to hold themselves blameless for the mess that they themselves were complicit in creating is nothing less than laughable.