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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

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 ...


TOPICS: Business/Economy; Extended News; Government; Politics/Elections; US: Michigan
KEYWORDS: agenda; automakers; bailout; bho2009; bho44; economy; generalmotors; obama; wagoner
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To: haircutter; MAD-AS-HELL; All
Don't know if this'll turn around, but the markets do not seem to like this news:

As of 2:30 am Central Time, Dow Futures are DOWN MORE THAN 200 POINTS.

Hussein's plan seems to be working like a charm: take over industry, destroy wealth, create dependence on Hussein, remove freedom.

Time for Christians, constitutionalists, and capitalists to take a stand against this dangerous precedent!

81 posted on 03/30/2009 12:39:25 AM PDT by Recovering_Democrat (I'm SO glad I no longer belong to the party of Dependence on Government!)
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To: Recovering_Democrat; haircutter; MAD-AS-HELL; All

General Motors, as of 2:00 pm central time, is down 27%.

Nice move, Hussein.


82 posted on 03/30/2009 12:04:47 PM PDT by Recovering_Democrat (I'm SO glad I no longer belong to the party of Dependence on Government!)
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To: Recovering_Democrat

there are two scenarios. either birak will save gm and be the hero or totally eff this up as is usually the case when the gov gets involved and it will bring his admin crashing to the ground.


83 posted on 03/30/2009 12:17:29 PM PDT by MAD-AS-HELL (Hope and Change. Rhetoric embraced by the Insane - Obama, The Chump in Charge)
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To: Recovering_Democrat

i bet wagonoer agreed because obama promised him a nice secret aig like bonus if he did and didn’t fight it.


84 posted on 03/30/2009 12:18:31 PM PDT by MAD-AS-HELL (Hope and Change. Rhetoric embraced by the Insane - Obama, The Chump in Charge)
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To: MAD-AS-HELL
It will be interesting to see how those GM stockholders take the news

You and Obama are the only two people in the country to see your excellent idea go down in flames. GM -25%; Dow -250+; I'm sure the two of you are right, just wait until all the knee -jerking stops.

85 posted on 03/30/2009 6:01:34 PM PDT by gusopol3
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Comment #86 Removed by Moderator


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