J. G. “Jay Tea” Thayer offers a long-shot, but maybe not that long, plan to save General Motors:
Step One: file for Chapter 11 bankruptcy.
This will freeze in place many of the factors currently pressing GM towards collapse. It will also give a judge the authority to make sweeping changes within the company that it cannot do by itself.
Step Two: Fire current management and appoint [Mitt] Romney CEO.
This will satisfy many of the public’s thirst for blood. It will also send the message that nothing is sacred, nothing is off the table. Whatever needs to be done to save the company in some form will be done.
The terms of Romney’s two-year contract will be simple: he will be paid the base rate of a union line worker, plus expenses and a bonus plan based on GM’s return to profitability preferably stock options, where his own compensation will be directly linked to his success.
In return, Romney will be granted near-absolute power over the company, putting together a new management team and restructuring it from the ground up, if necessary to make it a viable, ongoing business.
Mitt has a couple of advantages here: he grew up in the auto industry his father was American Motors chairman George Romney and he has an enviable track record with failing companies. It may be true, of course, that GM can’t be saved no matter what, but this proposal deals concretely with the company’s two biggest problems: its existing contracts, which Chapter 11 could set aside, and its upper management, which has run the place into the ground. Besides, it’s not like Romney has anything better to do these days.
(Spotted by martinra at Daily Pundit.)