DETROIT - Beleaguered auto maker G.M.C. announced today it had sold the Swedish Saab corporation to a company it also owned.
Speaking at a well organized and laid back press conference, General Motors Public Relations spokesman Gerry Geraldson told reporters that the company had mistakenly inked a deal to sell the Saab Corporation to the Slöb Motor Company (prn. s-loh-b), which G.M. acquired in late 1997. Those involved in the sale -- senior executives at both companies -- had "simply forgotten" the 13 year old deal. "You have to keep in mind that General Motors owns a little more than the GNP of Chile could purchase, so it's almost inevitable that these things are going to happen," said Geraldson.
The botched sale couldn't have come at a worse time for capital hungry G.M., who hoped to shed the badly hemmoraging Swedish company to staunch the bleeding from recent beatings in global financial markets. Instead today, as Wall Street became aware of the blunder, shares of G.M., Saab, and even Slöb itself tumbled.
At first shocked, Wall Street remained steady this morning, trading in small lots against all three automakers, only becoming agitated as it realized what monumental incompetence it really was for a company to sell another company to itself without anyone in charge realizing the mistake. Shortly after, the Street pounded all three companies for 20-33% each, leading some analysts to conclude that the Street had, in fact, had a terrible lunch.
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