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Wednesday, November 12, 2008

"In return for any direct government aid," he wrote, "the board and the management [of G.M.] should go. Shareholders should lose their paltry remaining equity. And a government-appointed receiver - someone hard-nosed and nonpolitical - should have broad power to revamp G.M. with a viable business plan and return it to a private operation as soon as possible. That will mean tearing up existing contracts with unions, dealers and suppliers, closing some operations and selling others and downsizing... Sign in to see full entry.

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