Jon Rogers Structural Quotations

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

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.

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.