If there is one letter that shows how far the business world has changed in the last 18 months, it has to be Rick Wagoner's resignation from General Motors early this morning.
Forget for a moment the world-weary tone (well, wouldn't you be?), just focus on the language: "On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I "step aside" as CEO of GM, and so I have."
In just 32 words, Wagoner sums up the devastating loss of power and confidence in corporate America and the unprecedented rise of state intervention in a country where even the US Mail was once seen as dangerously socialist:
- "I was in Washington for a meeting", not "the meeting", just "a meeting": yet another damn meeting with the government after so many he's lost count.
- "In the course of that meeting...". What does he mean? Is that like: "please pass the water Rick, oh and, by the way, can you just get lost too?"
- "they requested". They being your shareholders? your board? your colleagues? no, that'll be the American people then.
- "step aside" - Wow. Was that really a direct quote?
- "and so I have" - Just like that. After 101 years of independence, the future of one of the largest and most fiercely capitalist corporations on the planet is determined by politicians in Washington without a moment's protest or discussion.
Meanwhile in Paris, the boss of Europe's second largest carmaker was forced out in similar ignominious circumstances. Truly, the revolution is live.
