Lately, news headlines have been dominated by the debate over a potential bailout of the American automakers. The economic recession has dented the sales of new vehicles, which has thinned the pocketbooks of auto manufacturers. Already in a precarious position due to past instances of mismanagement, Detroit's Big Three find themselves approaching a cash flow crisis.Heated discussion continues on what, if any, action should be taken by the government to rescue the automakers. The purpose of this article isn't to argue for or against a bailout, but rather to point out the leadership lessons that have surfaced during the debate. Amid the bailout talks, three maxims standout as worthy of note, namely:
- Wealth Makes Waste, Fight to Stay Lean
- Once Broken, Trust Must Be Restored at a Premium
- During Downturns, Leaders Model the Way of Frugality
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[by Justin Pinkerman]
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