Posted on 03/29/2009 3:29:49 PM PDT by Red Steel
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 helm of G.M. for eight years, was not confirmed by the company. A statement about Mr. Wagoner’s future is expected to be issued after the president’s address.
G.M. and Chrysler are on the verge of exhausting the $17.4 billion in federal loans given to them since December. G.M., which received $13.4 billion, has asked for up to $16.6 billion more, and Chrysler, which got $4 billion, another $5 billion.
The president’s auto task force is expected to recommend more short-term assistance to the two Detroit companies, but with tight strings attached to the money and a new deadline to get concessions from union workers and creditors.
There was no indication yet who would take over the top job at General Motors. As recently as March 18, Mr. Wagoner said in an interview that he had no indication that his job was in jeopardy because of the task force.
Speaking Sunday morning on the CBS program “Face the Nation,” President Obama stressed that he intended to maintain an American auto industry.
“But it’s got to be one that’s realistically designed to weather this storm, and to emerge at the other end much more lean, mean and competitive than it currently is,”
(Excerpt) Read more at nytimes.com ...
For all the liberals who called George W. Bush a “fascist,” here you are: this is what real fascism looks like.
Wagoner probably doesn’t like 0’s new green car designs. /s
For all of you who remember British Motors, I bring you the “new improved” General Motors.
>>“But it’s got to be one that’s realistically designed to weather this storm, and to emerge at the other end much more lean, mean and competitive than it currently is,”
Says a man who has never even run a lemonade stand.
Just saw this on Drudge. This is scary. I mean, REALLY SCARY. The Nazi’s are taking over. What’s next, Obama’s Brownshirts bussed into every “non-compliant” CEO’s house?
Wagoner had as much engineering talent as the Obamaloon. You play with fire and you get burned. What did that lib-O-Idiot think the loon was doing to do?
"Freedom", "Liberty", "Rights"??? How can liberals possibly defend their actions?
That high pitched mechanical whirring noise you are hearing is our Founding Fathers spinning in their graves like a Dremmel tool.
This is just wrong, even though Wagoner is clearly no A.P. Sloan. Lutz was right to retire before the ignominious end.
We’ll probably see the Nazi boys and girls in Congress demand that Wagoner commits suicide. Congressmorons are readlly “into” people committing suicide these days. Lantos started that crap and now they’ve all picked up on it. The Nazis operated this way also.
General Motors will soon be renamed American Leyland
LOL...yeah...like Bambi is going to help GM become “lean, mean and competitive”......ROFL
Started typing out quotes from “Atlas Shrugged” that match the Obamaloon administration sayings and decisions. I’m only a hundred pages in and have multi-pages of quotes.
Be afraid, be very afraid.
I look forward to the time when it is they who are going to be afraid...very afraid...as in limpid liberal afraid.
I guess there were “strings attached” after all.
Whatever label you put on overpriced junk, it’s still overpriced junk. I owned three GM vehicles; one crap, one average, one pretty good. Still have the pretty good one. It is the last GM product I will ever own.
No, the Nazis didn't exercise that level of direct control. For example, they left Ford's management team in place throughout World War II.
If you like GM cars and trucks, buy one now. Soon there will be nothing worth buying. I like the Denali, I might look to see if I can get a deal.
So, now they dicate pay for people. Decide who works for who and for how much. How much pay you receive, how much time off, vacation time, sick leave, retirement pay, health care from gov. The Bolshevik’s are in control. Communism is being installed in Moscow, D.C. at a very rapid pace. New York will soon become Obamagrad.
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