? Let’s see: the Fiat Fiasco, the incentive game fiasco, the junk bond market fiasco, the most recalls in the USA this year fiasco; not pretty! General Motors Corp
., one of the biggest corporate bond issuers in history, joined the junk bond market recently as a permanent member after two of the three major ratings agencies cut the auto giant to speculative-grade in May. Their fall from grace dominated headlines in the corporate bond market most of this year and was blamed for much of the widening of spreads since early March.
And now, the gigantic recall is about Saturn
- the L-Series cars affected are from 2000 to 2002 model years, while the wagons are from 2000 to 2004 model years. The National Highway Traffic Safety Administration
said the plastic housing in the brake light assembly can distort if the tail lights are on for an extended time. This can cause the tail lights to fail, NHTSA
said in an advisory on its Web site.GM
(down $0.24 to $31.00), which had the most recalls in the United States last year, will begin the recall in September, according to NHTSA
In April and May, GM
recalled more than 2 million vehicles to fix a variety of potential safety defects, the latest setback for the automaker following its $1.1 billion loss in the first quarter.
It takes years to build up trust guys, and only seconds to destroy it. How many more times can we say it?
OK, so what else can go wrong with