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 thinks He’s Donald Trump - you’re fired!
That would come as a surprise to the former heads of Fannie Mae, Freddie Mac, and AIG.
So what if Wagoner had refused to leave?
Then what?
Or....wonder what kind of threats Obama made behind the scenes?
The vehicles that SELL!
In Germany, they first came for the communists, and I didn't speak up because I wasn't a communist.
Then they came for the Jews, and I didn't speak up because I wasn't a Jew.
Then they came for the trade unionists, and I didn't speak up because I wasn't a trade unionist.
Then they came for the Catholics and I didn't speak up because I wasn't a Catholic.
Then they came for me -- and by that time there was nobody left to speak up.
-Martin Niemoller
Yet the tax increases will still be levied.
HMMMMM, and he didn’t fire the UAW boss who negotiated GM into failing along with the CEO!”
My first thought, also.
This only gives the union all across the country more momentum, IMO.
Card Check is right around the corner- especially after the big conference in Florida, where NO PRESS were allow-—in the ‘most transparent administration ever”.
I need to add a few more ways to say “I told you so” to all those NObama voters and those who were on the fence and didn’t even vote.
For instance, if the Chinese government thinks that Obama is doing a lousy job...Zap! About the same concept, no?
Wagoner was criticized for keeping GM focused on trucks and gas-guzzling SUVs ...
The vehicles that SELL!”
Community Organizers never are taught how to make a profit!!!
On the cable news this morning. This also set Dow futures down. On MSNBC they were saying bankruptcy may be the best option. Sadly republicans probably lost the issue with the GWB Auto bailout but maybe not. I would guess Obama cant let them go now, after committing taxpayer money.
Having the Obama people as your partner with taxpayer money is like the restaurant owner in Goodfellas who wanted Paulie to be his partner. They will wipe out the shareholders and debt holders and then put their own stooges in to run the company and eventually destroy it. At least with Chapter 11 GM would have had a chance.
That’s the bottom line.
These companies should have gone in to bankruptcy in an attempt to re-organize some time ago.
Taking back America today only involves getting rid of the bozo in the white house, scary harrry, pi$$losi and a few others!
Wait much longer and taking back America will come to blood in the streets.
Really going out on a limb here, considering we have had one for almost one-hundred years....
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.
And just what does the light-weight Obama know about running a large-scale industry like car manufacturing? While Wagoner's performance the last eight years speaks for itself, it's dangerous for the government to have the power to oust the CEO of a privately held company. That's up to the shareholders.
During the height of the bailout fiasco, I had posted that if you take the money,your company is at the whim of the government.I had no problem with government setting the agenda if you took funds.Seeing what has happened, I would like to reverse my position. Foolishly I believed that the government would be passive in “investing” in these troubled companies. I’m no expert on the Big Three and I don’t think Wagoner has done a good job by any means, but this is ridiculous.
I’m glad....this will open some eyes.
If there’s a silver lining in this mess — and I’m hard pressed to find one — it’s that American companies will think harder about accepting federal loans and will go for bankruptcy first.
LOL!!
Ford has yet to accept any money. They are staying the heck away from as much government meddling as possible.
Buy Ford Stock. Its around $3 and well worth the price.
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