Posted on 03/30/2009 5:17:08 AM PDT by Scanian
President Obama fired his first CEO last night -- forcing Rick Wagoner to step down as head of General Motors.
Wagoner, who had been at the helm of the automaker for eight years, hit the road after the administration threatened to withhold bailout money from the company if he didn't.
Just over a week ago, Wagoner -- who has been lampooned on "Saturday Night Live" for his role in the industry's collapse -- had vowed not to resign.
"I plan to stay here until we get things well in shape and on track," he said on Mar. 19.
The GM chief's departure came hours before it was learned the administration's auto task force has rejected the turnaround plans of GM and Chrysler.
Instead of granting GM's request for up to $30 billion in loans, it will get only enough money to fund operations for 60 days.
Chrysler, was given 30 days to complete an alliance with Italy's Fiat.
Some investors saw Wagoner's exit as part of Obama's plan to emphasize to automakers that they haven't done enough to clean up their troubles to warrant federal aid beyond the $17.4 billion already given to GM and Chrysler.
In an interview on CBS's "Face the Nation" yesterday, the president said Detroit's Big Three must take more hard steps.
"We think we can have a successful US 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," he said.
Wagoner began his long career at GM as a bean counter after graduating from Duke University, where he played freshman basketball, and Harvard Business School in 1977
(Excerpt) Read more at nypost.com ...
Obama fired his first CEO...scary stuff folks. And much more to come.
Hey General Motors, how’s it feel to be Obama’s b*tch?
Chancellor Barack Obama heads the United Socialist States of America ... Maybe he can “fire” some of the lib TV commentators.
The board of GM was elected to do this job - not Obama.
This is government intervention at the most frightening level.
O wonder if Obama will fire Rick Williams oif NC doesn’t get the championship.
He already threatened him, didn’t he?
Taxes can be aimed at specific industries (tobacco taxes just went up) or at individuals who work for specific companies (AIG bonuses). Don't get out of line, or you will pay. Likewise, companies that are pleasing to the Central planning Committee will receive taxpayer funds in vast quantities.
Our economic system is pure Fascism now. Businessmen who still feel like they are in charge of their business are fooling themselves. The government is simply choosing to let you feel that way. For now.
Or Roy.
Here's how Hitler's Germans did it - the first groups they took down weren't that popular anyhow - and by the time they got to "you" there was no one left to defend. I assume this man's not that popular - he's an easy target. What will be the excuse for the next takedown?
Chairman Mao said, “A journey of a thousand miles begins with just one step.”
Well, America, do you hear the step drawing closer?
Listen VERY carefully, they will get LOUDER, soon.
Yep, it’s Roy after all.
Thanks(I was thinking of my team, Rick Barnes)
Here's how Hitler's Germans did it - the first groups they took down weren't that popular anyhow - and by the time they got to "you" there was no one left to defend. I assume this man's not that popular - he's an easy target. What will be the excuse for the next takedown?
If David Broder of the Washington Post hasn't found his knee pads yet, he needs to look into this...
HMMMMM, and he didn’t fire the UAW boss who negotiated GM into failing along with the CEO!
hey, zerO had to start his business career somewhere, sometime
Ummmm, he'll go after conservatives - not liberals. They've already moved against Rush and their doing a "backdoor" trash on Glen Beck.
Thugs are as thugs do...
Unfrickenreal. GM’s problem is that it is controlled by union goons. I hope Waggoner speaks out about this.
ping
Frightening, to say the least. A government that has no qualms about meddling in private corporations will have no compunction against even more meddling in the lives and affairs of the people.
It’s time to take back the country.
Yeah, when you consider these people probably voted for the freak, pay back it’s a biatch.
If you take the king’s money...............you do the kings bidding....
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