Turned on the TV yesterday morning to the news that General Motors was officially being taken out of the Dow Jones Industrial Average. Despite my belief that GM has been a badly run company that deserved to go into bankruptcy, the idea that it will no longer be in Dow's list of the 30 biggest US companies is quite an eyeopener. It really pounds home how fleeting the existence of anything or anyone is here on earth. So many companies that were considered juggernauts when I was young....GM, Kodak, Xerox, AT&T...have changed to the point they barely exist.
I was going to write this yesterday, and got distracted. This morning, I hear the CNBC guys mention that GM now trades with a new symbol on the "pink sheets", the listings for companies that don't meet the requirements of the big exchanges. My how the mighty have fallen!