GM CEO Wagoner to step down at White House request

Yahoo! News / The Associated Press ^ | March 29, 2009 | Tom Krisher, Dan Strumpf and Ken Thomas

[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.

[1_Rain_Drop]

Wagoner should say to barak “I’ll step down if you step down first”.

[MeneMeneTekelUpharsin]

Wagoner should say to barak “I’ll step down if you step down first”.

Anyone with any backbone and character would have told the President to shove off. I can't believe this is even happening. More than likely Wagoner is/was incompetent, but that does not make it right for the President to directly interfere. It is NOT the president's job to be changing the CEOs of ANY company. Bad precedent.

[yldstrk]

they never shoulda took that money

[alrea]

Did they really think Obama was goin to give them free money for nothing in exchange?

Liberals seeking to save thew planet know what is best. GM will get better union pay and more green initiatives.

More solutions causing problems.

[ansel12]

Strange you should say that. I was just watching Animal Farm at my daughter’s house this afternoon.

Strange twice, I just watched my DVD of the 1954 version last night.

[captnemo1]

Obama fires the CEO of GM!
Legal authority, none.
Popular authority - yes because they took the money.

Now about that bill making newspapers non-profits…
Does this mean that Obama will be the “Editor In Chief “as well?

Is there any doubt where this is headed?

[CitizenM]

The comments on Yahoo are very telling. Americans are getting the picture. Too bad they didn’t realize what Obama was planning before Nov. 2007. But, the support the Zero once had is certainly fading fast.

[aimhigh]

Latest news: Ralph Nader selected to head GM. /sarc/

[Man50D]

This is stunning. Does this mean Obama is now the CEO of GM?

The goal of BO and his fellow socialists is to be the CEO of all businesses and industries.

[Irene Adler]

"He’s going to put HIS guy in there."

Exactly, and therein lies the problem.

[dfwgator]

Next thing you know, Obama will dictate that the car companies produce a car that will be affordable for everyone, I know, let’s call it, “The People’s Car.”

[Uhaul]

The management at GM may have issues but this action by the White House is WAY out of bounds.

[Chgogal]

Are there any other CEO you would like Obama to fire for you? I mean, you support the precedence Obama has set, so where do you think Obama should draw the line? Your job may be?

[MAD-AS-HELL]

Hold on...getting BiRak on the phone now to have you fired.

You might want to go see a doctor. That knee jerk you have going on looks like it needs to be looked at pronto. :)

[Chgogal]

Yeah, right considering your inability to understand "precedence" I doubt very much you even know how to dial a phone to get me fired....I'm sooooo skaird. NOT. ;) Where does the U.S. Constitution give Obama the power to fire a CEO, a private citizen? What guidelines prevent the President to go after another private citizens that he and his administration do not approve of.

BTW, I work for Obama and you are fired! Goodbye ; )

[MAD-AS-HELL]

oy. All I will write is if this is as unprecedented as you say, why is Rick not fighting this? Maybe you and the others on here so outraged need to find a constitutional lawyer and fight this to keep Rick as the captain of the sinking GM ship. I double DOG DARE YOU!

[haircutter]

I'm wondering????
Was this decision “above” or “below his pay grade????

I did not know it was the job a a POTUS to take over corporations...

[Chgogal]

; )

Didn't you get my email via President Obama? U R FIRED!!!

President Obama can do anything he wants. He won the election and U did not. NaNa! So, off with your head!!!!

Except may be if you are a tax cheat or if you attempted to blow up the Pentagon, then it may be OK for you to stay on the payroll. If not - Off with your head!!!

[MAD-AS-HELL]

hold on now, if your name implies you are from CHICAGO, then this type of strong arm political corruption should be nothing new to you. So why are complaining? This is to be expected by the first crack smokin bisexual in the white house.

[Chgogal]

; )

Psssst, what part of “Fired” do you NOT understand? ; )

I think I gotta send my bro, Rahmbo, over to pay you a visit. Ya need a little motivation. Do you like the smell of dead fish? Just wondering. ; )