(Detroit -- Jerome Vaughn, WDET). Detroit is buzzing about word of a leadership change at GM -- it's almost as big news as the Flint serial killer. The Editor of Autoline Daily John McElroy says GM's new CEO, Dan Akerson "fits the bill perfectly for what the[U.S] treasury wanted." But, he adds "if GM is going to have only finance people running the company-- we saw the trouble that it got into in the last decade by having those kind of officers in charge."
McElroy also notes that the company's 1.3 billion profit this quarter "is not a surprising number" and that " what everybody seems to forget is that the Obama administration came into town a year ago, waved a magic wand, and made all of GM's and Chrysler's legacy costs disappear, pouf, they're gone...that was not done by the people who are running GM right now."
McElroy's prediction for the future of the industry: "Three, four years from now the auto industry in Detroit is going to be rocking like we haven't seen in a long, long time."
More on Detroit from today's New York Times "Detroit Goes from Gloom to Economic Bright Spot."