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 ...
Actually, American business IS the declared enemy of this administration. Employers, investors, and entrepreneurs have been constantly villified through tax policy, regulatory policy, and portrayals of them from Hollywood.
Business people have replaced terrorists as the true "enemy combatants", now targeted in the administration's "domestic contingency operation".
Perhaps now Obama has figured out who to put at Guantanamo now that the terrorists will be leaving.
This POS president hasn’t done a damn thing in his life, except successfully duping 52.7% of the idiots who voted for him. Now, he’s going to run an auto manufacturer? What a joke.
that would be one instance that I would support the chi-coms on.......
It’s time to take back the country.”
I agree entirely. The place to start is with your pocketbook. As long as they support socialist politicians and causes I will “look for the union label” and make sure I don't buy that product. I have a hard time being empathic toward people who support policies that take away the freedoms of our children and saddle them with huge government debt.
We have to use the power that we have. At this point in history that power is rooted in what we can purchase. I would venture to guess that a significant percentage of the total purchasing capacity in the US electorate is concentrated in those ~45% of people who didn't vote for Obama and his minions. If that segment of the population organized their purchases in a way that prevented money from going to those who support the administration, the effects would be quick and very, very profound. How much is the effort worth to us?
agreed..........this whole scenario would have been avoided, and they probably would already be on their way back...oh well, at least it FEELS good.... :)
Too bad we can’t fire Obomba this easily as well as the ninnyhammer vice-president and speaker Nutsy Pelousy.
You watch...the terms of any new gov’t money will include a required phase out of the big SUVs like the Tahoe, Yukon, Suburban, etc. Gotta get folks into those “green” little vehicles.
I've been thinking that for a while but I'm a third generation Ford fan. It burns my butt when the MSM keeps talking about "the big three" asking for bailouts. Ford may be the only one left standing as they continue to build cars and trucks that people want and GM is forced to build tiny tin boxes by the 0bamamaniacs.
Funny, he didn’t fire the Union Leader....
Capitalism will be maligned for the failures, and socialism lauded for the “successes”, of corporatism/fascism.
Obama Zeiged, GM Hieled.
Yep, I’ve always been a GM man, but I already told my US rep that if they bail out and essentially take over the domestics, I will NOT be buying. I will go to the vehicles made in the southern factories. I oppose federal money going to the auto makers on constitutional grounds. I believe it is a case of UNequal protection under the law. Why should auto workers in Michigan receive benefit from the US government that is not available to auto workers in the south.
But I think we are getting close to Impeachment if the Republicans had any calyones (that’s Italian for Balls).
GM’s management will long regret getting in bed with the Obama administration. This experiment, government trying to run a corporation, will end in failure. Think Trabant.
I am not one prone to conspiracies or wild exaggerations, but I view this as the second “usurpation” of our government of the type that led to our revolution. The first was the Bill of Attainder passed against the AIG execs by the H of Rep.
Increasing taxes, appointing liberal judges etc. may be bad policy, but a B of A and exerting control over the private sector by “firing” CEO’s strikes at the very foundation of our republic.
I've bought them for the past 20+ years, doing my part for American jobs...now the UAW is just part of the DNC...no more though.
I retired from Ford Purchasing in 91 and I’m still holding Ford Stock because I know how Ford reacts in tough times like we did in 81. I feel sorry for the Suppliers but Edsel and Billy are not going to change that sign on top of WHQ. Thank God they didn’t take any Bail out money.
Benito Obama -Fascist dictator of the US
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