Richard Wagoner Quotations

While it may have taken some time to reach this solution, I think it was time very well spent,

China also is going well for us, particularly now that we have the market covered from the bottom to the top.

There is a lot of work to do in this company and it makes sense to spread it out, ... We very much wanted Jack to stay around and support us.

The North American market is red hot and brutally competitive,

This is a difficult but necessary decision and it was made only after the greatest deliberation.

These are difficult decisions that involve sacrifices by our employees, stockholders, retirees, and the senior leadership team. However, we are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term.

These potential actions are intended to restore GMAC's investment-grade credit rating and to renew its access to low-cost funding, ... In addition, these actions are designed to preserve and to grow the synergies between GM and GMAC, especially cost-effective auto financing, and sustaining GMAC's diversified earnings growth.

While we are encouraged by the speed and scale of the changes we're implementing, there is clearly more work to be done.

A number of other U.S. companies have already taken similar action in the face of these rising costs and increasing global competition. In particular, U.S. healthcare costs continue to rise at high rates. When these benefits were conceived decades ago, no one could have foreseen the explosive cost inflation that we have been experiencing in recent years. These costs are simply not sustainable.

I think this is tough medicine for everybody involved with our company, ... I don't want to make this sound like an easy call for us or for them, but this is our call. We are responsible for running this part of the business.