Kill the Messenger - this time the LA Times

[tw]

From CBSMarketWatch.com of 20 Feb 2006:

Moody's dunks GM further into junk
Moody's Investors Service on Tuesday pushed General Motors Corp.'s debt deeper into junk, piquing concerns that the troubled automaker is not making adequate progress to avert bankruptcy. ...

The credit-ratings agency cut GM's $30 billion in debt to B2, five notches below investment grade, down from B1. Moody's outlook for GM is negative, which means another cut could be on the way.

As long as the GM problem remains - its top management and especially the bean counter Rick Wagoner - GM will only continue along a well worn path taken by AT&T, big American steel companies, and Penn Central. GM does not even have, standard, 70 Hp/liter engines in their products. In each case, top management was not removed while that top management blamed employees, unfair competition, the economy, economies of scale, the LA Times, and everything else but the only problem - top management.