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Bankruptcy Is Option to GM Board By JOHN D. STOLL DETROIT -- Members of General Motors Corp.'s board of directors are willing to consider "all options" for the ailing auto maker, including an eventual filing for bankruptcy protection, a stance that puts them in rare disagreement with Chairman and Chief Executive Rick Wagoner, people familiar with the matter said. As part of his push to win a federal bailout for the company, Mr. Wagoner told Congress this week that GM management believes bankruptcy protection is not a viable option for the company. Instead, GM is focusing on persuading lawmakers to...

Well it looks like its OK for Obama to fire the head of General Motors; however, Bush can't even fire his own U.S. attorneys. Obama administrations demanded that Rick Wagoner resign as chairman of General Motors, basically he was fired as the price of GM's accepting government money. Obama says the government will stand by your GM car warranty to promote sales of GM vehicles. And all the taxpayers will get to foot the bill. The new GM owner's manual will come with a disclaimer: "Government Control, closer than it appears”. Now that we’ve all agreed that the government can...

Is the fate of our corporations and its leaders in the hands of a president making economic decisions by opinion poll? Will CEO heads roll because of a Gallup-ian thumbs down from the angry crowd? The panel on this afternoon’s Hardball didn’t merely acknowledge that chilling possibility. Like a bloodthirsty crowd on a hot Roman afternoon, it blithely applauded it. Chris Matthews’ guests were WaPo’s Eugene Robinson and Chrystia Freeland of the Financial Times. CHRIS MATTHEWS: You know, I was worried that President Barack Obama may have gone too far in lopping off the head of a major CEO, you...

Washington, D.C.—Frustrated by Rush Limbaugh’s claims that “he probably couldn’t even change a tire,” Barack Obama has cleared two hours of air time to show America that he doesn’t need Rick Wagoner to run the car industry. The promoted event is to take place on Saturday, April 4, 2009, between the hours of 8:00 p.m. and 10:00 p.m. EST.

Even as General Motors bid goodbye to Rick Wagoner and ushered in its new chief executive, Frederick Henderson, restructuring circles were abuzz Monday with speculation that another player may soon join the carmaker. That would be a chief restructuring officer, whom the Obama administration would implant in G.M. to serve as its representative in either a bankruptcy filing or an out-of-court restructuring. President Obama made no mention of the idea during his speech on the industry Monday. And for now, it seems clear that Mr. Henderson will be in charge at the company. But there are plenty of restructuring experts...

DETROIT — The chairman and chief executive of General Motors, Rick Wagoner, is resigning, just as President Obama prepares to unveil his rescue plans on Monday for G.M. and the ailing American auto industry, a person close to the decision said Sunday. Skip to next paragraph Add to Portfolio Mr. Wagoner was asked to, and agreed to, step down as part of G.M.’s restructuring agreement with the Obama administration, according to an administration official who spoke on condition of anonymity because a formal announcement has not been made yet. The unexpected move by Mr. Wagoner, who has been at the...

 Affirmative Action For The Motor City December 18, 2008 It was bad enough when only Congress held an economic gun to the American taxpayer’s head.  Hell, at least they had the Constitutional power of taxation as an ad infinitum bailout for their ineptitude and greed.  But when Wall Street jumped into the queue for public charity it really started to feel like a mugging.   These coddled “masters of the universe” where holding a gun to the country’s economic head.  These greedy bastards who paid our elected officials to turn a deregulatory blind-eye for over a decade while they squandered shareholder and...

Four Big Lies about the Big Three Automakers Monday, December 8, 2008 3:58 PM With Congressional Democrats and the Bush administration agreeing in principle over the weekend to drop a few billion on General Motors and Chrysler, all signs point to a government-backed auto industry bailout. But could the crisis in Detroit be the product of myth, spin and outright lies? As the nation inches closer to an unprecedented investment in private industry, Newsmax has examined the falsehoods being spread to promote the deal. Indeed, the exact amount of money to be doled out isn’t clear yet. GM and Chrysler...

Lifestyle drugs -- chiefly Viagra -- are costing General Motors $17 million dollars a year and the cost is passed along to car, truck and SUV consumers. The blue pill is covered under GM's labor agreement with United Auto Workers, as well as benefit plans for salaried employees. GM executives estimate health care adds $1,500 to the price of each vehicle but they do not break out how much of the premium is caused by erectile dysfunction expenses. GM provides health care for 1.1 million employees, retirees and dependents and is the world's largest private purchaser of Viagra.

   GM Needs A Hug January 12, 2006 On April 16, 1945 the navy destroyer the USS Laffey came under intense attack from Japanese kamikazes during the Battle of Okinawa in the Pacific theater (hint: the mere fact that some people need to be told that the Battle of Okinawa was a WWII Pacific battle tells you how pathetic the U.S. has become).  In under two hours, the Laffey: came under 22 Japanese air attacks; was struck by at least 5 Japanese kamikazes and 4 bombs; was continuously strafed by machinegun fire and suffered 32 of her crew dead and...

Death Watch XXXV: Rick Wagoner, RIP 16 October 2005 By Robert Farago God knows where Rabid Rick Wagoner got his reputation for being clever. Obviously, you don't get to be the CEO of the world's largest automaker by being stupid. The GM Empire is so vast that simply remembering who does what would vex Jeopardy maven Ken Jennings. But smart is not the same as clever; clever men make the right decisions at the right time. By that standard, Wagoner can't cut the mental mustard. He's consistently failed to grasp the proverbial nettle-- from slicing UAW benefits and pensions (come...