Posted on 03/29/2009 6:05:01 PM PDT by 2ndDivisionVet
General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce measures to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
Wagoner's departure indicates that more management changes may be part of the deal, but it is still unclear who will be put in charge of GM.
(Excerpt) Read more at news.yahoo.com ...
Strange you should say that. I was just watching Animal Farm at my daughter’s house this afternoon.
the problem is that GM would have been in this situation regardless if they took the money or not. Wagoner taking the money just DELAYED the inevitable. And now GM and CONGRESS are responsible for literally burning taxpayer money for no good use. They would have been better off distributing those billions back to us.
so where’s your precedent for POTUS demanding a CEO step down? I haven’t read a single post on this thread that even hints of conspiracy, because there’s no need to invoke a hidden hand here.
I hope you mean on the TV.
I don’t need one if the story is true because it’s happening. THere’s a lot more happening behind the scenes than you or I know. So you can go jump up and down screaming your head off like a school girl ranting, “oh yeah, where’s your precedence?” as if it really matters. The fact is GM and congress just screwed the tax payers over royally and all you care about is precedence. CEO’s resign all the time due to pressure and it’s not always from the stockholders. This is a unique circumstance and the bigger picture is that us taxpayers just got hosed big time. And it will get worse. Just wait until the commercial real estate bomb goes off.
I went through various ideas for photoshop - Michelle in her black widow gown, Nazi eagle/vulture... that I was going to stick on a Chevy 'Volt', but settled on one I found online ;-) Perhaps a whole new thread of just hood ornaments would be fun.
OMG!
Who would deface a Mercedes like that???
I want names!
now the conspiracy you were talking about shows up. Since you can't name a precedent, can you name a currently profitable car company? BTW, I'm not defending Wagoner, GM, or his management style, so don't try to blow that smoke screen.
He’s going to put HIS guy in there.
ok guso, good luck with being the Don Quixote on this subject. It will be interesting to see how those GM stockholders take the news. I am serious when I ask you to keep me informed on if you come across stories on how GM stockholders are fighting to keep Rick from leaving because they believe he is doing a great job.
I wonder why Waggoner agreed. The screws must’ve been tightened. I would’ve like to see him fight Hussein.
I’m trying to remember - wasn’t this sort of thing in “Atlas Shrugged” - government firing company owners?
IMO, whether this guy leaves GM is up to shareholders and the board of directors. Not Hussein. this is a very very very dangerous precedent. And it is one of the worst things a government could do.
Wagoner was not a car guy.
But they said the same thing about Mulaly at Ford and they seem to be the healthiest of the American car companies AND have not taken a cent of any bailout (as it should be).
Oh Lord. Obama on the march.
So, what is the controlling legal authority requiring GM’s CEO to step down at the behest of our beloved TOTUS?
I’ve been down that street with this guy. The only thing you’ll get out of it is a new name, like recov, see post 50.
No, Chairman of the Board
When will this communist doucheweed fire Jeffrey Immelt of General Electric?
Totally agree. I find it amazing that those that defend and support this are the first to scream about freedom. Seems freedom depends on how they see it. The stockholders and the board are the ones with the power to remove the CEO that shouldn't even be a consideration by the president of the US. First Obama came for GM's CEO and I supported it, then...well you know the rest.
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