Posted on 05/25/2012 2:40:50 PM PDT by tobyhill
General Motors [GM 22.44 0.40 (+1.81%) ] has released an SEC filing disclosing a contract between the automaker and an ad agency that employs the wife of GM CFO Dan Ammann. The disclosure comes a month after GM filed its annual proxy statement listing potential conflicts of interest involving GM executives.
In this case, Ammann says he was unaware of the contract with his wife’s ad agency until GM’s corporate governance team asked him about it just a few days ago.
GM says the transaction has since been ratified under the automakers Related Party Transaction Policy.
The contract in question involves the Mother New York ad agency, and one of its partners Pernilla Ammann, who is also the wife of the GM CFO. In 2011 Mother New York was awarded a $600,000 contract to work on the 100th anniversary of Chevrolet. That anniversary took place on November 2nd.
(Excerpt) Read more at cnbc.com ...
The Russian kleptocracy has got nothing on the American one.
General Motors is becoming China Motors
Suck it, union hacks, you sold your country out.
I’d rather not say how or where, but a while back I was in an arena where those in advertising would be discussing their contracts or lack their of with the big 3. Right or not, some too it as sort of a mini bell-weather of where the economy was going to go. Now rigging the game? not good.....
Hey! That is good enough for me.
“The Russian kleptocracy has got nothing on the American one.”
Oh, they try, but we have it down to a science.
AMERICA IS BIG #1 COUNTRY!!!!!!!
Has anyone surfed this topic?????
Must be sleeping in different states....
They haven’t donated in the ‘08, ‘10 or ‘12 cycles.
Probably the same ad agency that developed the commercial with the idiot salesperson who crank calls his old dealer. The marketing MBA in me cannot see how that would inspire any consumer to want to buy a Chevrolet (”buy from us, our salespeople have the maturity of a five year old!”). Then again, it is a typical GM corporate mentality concerning reaching their customers, as well as their overreaching self-absorption and arrogance.
For the size of GM, $600,000 is not a big contract, especially if the ad agency is quite large. It’s entirely reasonable that he didn’t know and if his wife works in a different office, she probably didn’t know.
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