Cash For Clunkers: Changing Benchmarks

'Clunkers' Lifts Foreign Cars - WSJ.com: "Transportation Secretary Ray LaHood said the program was 'wildly successful' at bringing 'moribund' car showrooms back to life."

I was under the impression that the cash for "clunkers" program was intended to help the automakers, specifically the US-based ones (GM, Ford and Chrysler). Secretary LaHood says otherwise.

It was the after-the-fact results that demonstrated the cash for clunkers program was an auto dealer bailout, and, judging from the Top 10 models sold, one for foreign car dealers.

The top 10 models purchased under the government's 'cash for clunkers' rebate
program:
1. Toyota Corolla
2. Honda Civic
3. Toyota Camry
4. Ford Focus FWD
5. Hyundai Elantra
6. Nissan Versa
7. Toyota Prius
8. Honda Accord
9. Honda Fit
10. Ford Escape FWD

What this does show is the importance of designating a benchmark before the results are in. Investment managers committed the GIPS know this. One can't simply get to month's end, see your performance results, then find a benchmark that works.