Earlier this month, GM was fined $35 million by the government for failing to take timely action after discovering potentially deadly safety defects in vehicle ignition switches. Apparently, that was only the tip of the iceberg for the troubled auto manufacturer.
Detroit News’ David Shepardson reports:
Breaking: @GM issuing four new recalls for 2.42 million more vehicles in US
— davidshepardson (@davidshepardson) May 20, 2014
.@GM has now recalled 13.6 million vehicles in US in 24 campaigns and at least 15.2 million worldwide this year
— davidshepardson (@davidshepardson) May 20, 2014
.@GM has now announced 9 new recall campaigns since Thursday
— davidshepardson (@davidshepardson) May 20, 2014
.@GM now says it will take a $400 million Q2 charge for recalls, up from $200 million it announced last week
— davidshepardson (@davidshepardson) May 20, 2014
Breaking: @GM says it has told @NHTSAgov of 29 recall campaigns in '14 — including 2 additional campaigns not yet public
— davidshepardson (@davidshepardson) May 20, 2014
.@detroitnews column "GM’s epic screw-up is exposing an entire industry … to a heightened level of accountability" http://t.co/37EqvFZPck
— davidshepardson (@davidshepardson) May 20, 2014
Via Detroit News:
“What GM did was break the law,” Transportation Secretary Anthony Foxx said last week. “They had the information and they told no one. Literally, silence can kill.”
The deeper GM sinks into the morass of its own making, the more suspect its management processes, oversight and alleged bias for candor and transparency. The switch problem emerged nearly a year before the company ordered a recall in February. Where was the internal investigation that would have alerted senior management and the board of directors?
…
GM’s epic screw-up is exposing an entire industry and the people who work in it to a heightened level of accountability. Good news, that, for consumers. But it’s hard not to conclude the increased scrutiny could have a chilling effect on product development; would boost the rate of recalls; and would reduce profits because of higher reserves to finance the recalls.
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.@GM has now recalled most vehicles in company's history in single year topping 2004 record
— davidshepardson (@davidshepardson) May 20, 2014
Heckuva job, GM!
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Related:
‘People died, truth was hidden’: Fox Business’ Charles Payne calls $35 million fine for GM ‘bogus’
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