– Meet The “Lone Engineer” GM Is Blaming All Its Troubles On (ZeroHedge, June 20, 2014):
Back in 2011 Goldman, when the FDIC-insured bank holding company with no deposits, was slapped with the biggest at the time SEC penalty for shorting CDOs it had sold to clients, it started a trend of scapegoating all its evils on a lone, then 20-something individual, Fabrice Tourre, who seemingly had “worked alone” and whose actions were not supervised by anyone: the chain of responsibility started and ended with him. Naturally, nobody went to jail. A few years later, stuck in the biggest scandal of its post-bankruppcy existence involving over 20 million recalls in just the first 6 months of 2014 alone, GM has decided that what worked for Goldman should work for it too, and as the WSJ reports, is “pinning of a decadelong failure to recall defective cars on a lone engineer.”
Unfortunately for GM, an organization that is far more politically charged than Goldman, it is “running into skepticism from lawmakers who say GM documents show dozens of people were alerted to ignition-switch defects during the past decade.”
But before we get into the details of what is set to be even more political theater, just who is this lone engineer?