Skip to comments.U.S. Plans Key Role In Naming GM Board
Posted on 04/01/2009 6:18:38 AM PDT by rightwingintelligentsia
The Obama administration will play a key role in reshaping General Motors' board of directors over the next six months, potentially giving it even greater control in the management of the storied American manufacturer.
The president's auto task force plans to consult with the company as it replaces a majority of its board, a White House official said. The board today largely consists of the current and former chiefs of major U.S. corporations such as Coca-Cola, Ernst & Young, Pfizer and Eastman Kodak. It is not known which of the 12 board members will leave.
The president said Monday that "the United States government has no interest in running GM." But in practice it is already exerting tremendous influence over it, a situation that has triggered fierce debate over how much power the government should wield over the companies that it aids.
Kent Kresa, 71, GM's new chairman, said yesterday that company officials will seek to replace a majority on the board by August, as the automaker moves to restructure operations.
(Excerpt) Read more at washingtonpost.com ...
The Washington COMPost is reporting this? Wow.
Government Motors indeed.
The central question... Who buys the cars??? Not me...
Well, there is some good from this - companies are going to be VERY hesitant to take federal help from now on.
Hasn’t anyone told Obambi not to mess with country boys? I am very afraid that this is going to get very rough and ugly, very quiclky.
Political appointments to company board of directors. Ya that will work (just like the government works).
My bet is the shredding of the Constitution taking place right now by Obama will continue as Zero will not even step down after 4 years due to an “emergency” so the country needs him.
Our military will be needed to excavate him from the WH.
Let’s hope our military leaders have what it takes to do the right thing so we people of this country can regain control.
Someone called GMC “Government Made Crap”
I like it.
Thats a good one.
How many banks were forced to accept bailout funds?
Their next move will be to call corporate "tax breaks" or "corporate welfare" "federal help", thus giving the government the entry they seek to take over other companies.
Car company, schmar frumpany. Its all about paying off the unions. GM could vanish in a puff of smoke, but Obama will still have to figure out how to pay off the unions and union benefits so as to keep them on the plantation. Once the unions own the car companies via stock transfers, then they’ll never get off the public teet.
The NASCAR thing was a joke, April 1st and all.
But its stunning that blatant power grabs and nationalizations don’t cause us to march in the street. The G20 protesters in London should be happening daily in DC but on the opposite ideaological side.
LBJ went to Detroit to get a cabinet member. Now Detroit goes to D.C. to get it’s board members. My how times have changed.
I never thought of that. The libs used to piss and moan about corporate wellfare in the form of tax breaks. This is even worse. This is actually taking the money from the public and giving it to corporations. The other was simply NOT taking money from the corporations.
Pres. Frei (1) (19665 to 1970 I think) had passed socialist laws nationalizing many things but never ordered the enforcement of the laws, he knew better. Allende was elected in 1970 started enforcing the Communist agenda passed under Pres. Frei (1). The rest is history!
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