July 22, 2010 8:32 AM EDT
GM to acquire AmeriCredit for $3.5 billion.
We were highly critical of the sale of the controlling stake of GMAC in 2006 by the incompetent management at GM. At the time we said they simply don't understand their business. Just like IBM, it took Gerstner from RJR Nabisco to run a computer company, a Telecom exec is showing some sense in running an Auto Manufacturer/Sales company. (Perhaps it is the "Sales" part the old guard didn't understand).
Good job Ed Whitacre!
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