14 Quotes by Jon Rogers

There are well-documented structural impediments to moving quickly in this industry.

There are very few people that carry the credibility and insight into this industry that Jerry York does. They got an all-star.

The primary issues today's initiatives set out to resolve are still lingering -- legacy labor costs at GM and a possible supply disruption at Delphi.

Near term, risks associated with restructuring actions, an aging product portfolio in a hyper competitive environment, deteriorating market share, an over reliance on light trucks and fleet sales, and higher borrowing costs inhibit a return to peak profitability.

Too many times, you read too many instances where relationships develop and all of a sudden an officer is going to do something that's wrong on behalf of the inmates such as being in stuff he should not be having. We just wanted to cut that off before it even gets to that.

With high costs to GM, Delphi and the UAW, a strike still looks unlikely, despite the potential for increased rhetoric over the next several weeks.

We do not, however, share the belief that any of these objectives can be achieved in the near term, given the structural impediments to rationalizing GM's cost base. These structural impediments include union contracts, legacy liabilities, and dealer agreements.

We expect management to bring capacity in line with demand by one million units, but question whether this will be enough, given continued declines in market share.

Although we believe GM can reduce capacity and structural costs over the long term, the company will emerge from restructuring with lower earnings power and operating leverage. With a lower dividend, the costs of investing in this longer-term restructuring story have increased dramatically.