5 May 2005
Striking fear into the Fourteenth Floor
Kirk Kerkorian, last seen in Detroit complaining about the Daimler-Benz/Chrysler merger and how it had cost him mucho dollars, is now seeking to buy up to 9 percent of GM.
What are the chances that Kerkorian will sit back and clip coupons? Next to nil. I mean, this is the man who bought Metro-Goldwyn-Mayer in 1969, sold it in 1986 (to Ted Turner), bought it back before the year was out, sold it again in 1990, bought it back once more in 1996, and finally unloaded it on Sony this year. Obviously GM is far larger than MGM ever was, but Kerkorian is not at all cowed by the General's sheer size. Rick Wagoner, GM chairman, must be wondering what he did to deserve this.