Posted on 03/29/2009 2:12:11 PM PDT by kcvl
Edited on 03/29/2009 4:22:35 PM PDT by Admin Moderator. [history]
Officials say GM Chairman and CEO Rick Wagoner will step down immediately at request of the White House.
I don’t know if I heard correctly on the radio news but I thought I heard Wagoner is stepping down because Obama has asked him to resign? When Obama snaps his fingers CEO’s quit at the command of the prince?
You are freaking kidding me right????
Hello??? The Shareholders OWN THE COMPANY, NOT OBAMA. It is the SHAREHOLDERS who say who stays and who goes!
Hoplite, you are frightening. I bet you thought it was okay for the Government to incite violence against the AIG executives too.
Yes...there are really frightening parallels. My wife was just saying how she doesn’t remember anything like this happening before in America.
Congratulations upon your support of Obama and his worshippers.
I wouldn’t expect the union drones to get around to making your HHR any time soon.
“Let’s hope Barry Obama is next.”
According to Drudge, Barry was the one who insisted he leave. Regardless of Wagoner’s problems, I think this is definitely a first for the US... a President insisting a private company’s CEO be dismissed.
Sounds like Chavez to me.
I’m sure the messiah will find a black, envirowacko, union lover to take over
What a leader! Let's let him try for a penny a share!
Obama administration is abandoning demand for UAW to accept wage parity with transplants
Bluegrass Pundit ^ | March 22, 2009 | Bluegrass Pundit
Posted on Sunday, March 22, 2009 8:16:47 AM by Askwhy5times
The Obama administration is abandoning the demand for the UAW to accept wage parity with transplant auto manufacturers. According to Bloomberg.com, Steven Rattner, the Treasury’s chief auto adviser said,
GM and Chrysler must be “on a path” to bring wage rates in line with foreign automakers based in the U.S. rather than have those pay rates take effect immediately, he said.
The phrase “on a path” is so vague there is now a mile wide loophole for the UAW to jump through. The Bush Administration demanded the UAW accept a wage and benefit package at the level of the transplant auto manufacturers as part of the government bailout of GM and Chrysler. So far the UAW has only offered token concessions. According to bloomberg.com, Steven Rattner also said $22 billion more in bailout money may not be enough.
General Motors Corp. and Chrysler LLC may need “considerably” more than the $21.6 billion in aid they requested, which was based on optimistic recovery plans, said Steven Rattner, the Treasury’s chief auto adviser.
Meanwhile, GM has not concluded negotiations with bondholders and the UAW according to CEO Rick Wagoner.
Rick Wagoner, GM’s chief executive officer, said in an interview March 19 that the automaker hasn’t completed talks with the United Auto Workers and bondholders about cutting debt by $28.5 billion. The failure of those talks could drag Detroit- based GM into bankruptcy and possible liquidation, Wagoner said.
GM and Chrysler should be allowed to go into chapter 11 bankruptcy. The taxpayers have thrown enough money at what is shaping up to be a bailout of the UAW and bondholders.
(Excerpt) Read more at bluegrasspundit.com ...
Since this was at Obama’s request, maybe he has a Muslim terrorist in Guantanamo (a soul mate, in other words) that he wants to install as GM’s President.
Boeing, Fortune Brands, Ford, Exxon, Tata, BAE Systems...
You would need about 10,000 fingers on that hand.
They have *one* overlap over in Europe - They sell the right hand drive versions of those cars as Vauxhalls in England. The LHD cars (as pictured) are Opels. The ‘imported from Asia or America to Europe’ cars that are not Holdens are badged as Chevrolets.
No doubt this is correct. In the good times, the unions got more than was prudent. In the bad times hey were reluctant to give it up. But... that's what unions are supposed to do. Its up to management to hold the line and that just didn't happen at GM during the "good times." Even before Wagoner (he's the scape goat). But, looking at the incentives they kept offering to keep sales numbers up and looking at the employee driven contingent liabilities and extended benefit costs, they just didn't care as long as they were selling cars. It was unfair to customers and unfair to the rank & file as they came to expect Santa every year.
The problem is, labor and management have to be integrated into an "organization" that either sinks or swims based on operational efficiency and marginal cost at market price. This labor vs. management (capitalism vs communism) is Sooooo 1900s and has destroyed American competitiveness. Japan, China and Europe get it.
GM CEO resigns at Obama’s behest
Politico and Drudge headline ...Thus needs its own thread
Auto rescue details coming; GM’s debt-deal deadline looms
It has until June 1 on billion in notes; Tuesday is when U.S. reports are due
BY TIM HIGGINS • FREE PRESS BUSINESS WRITER • March 29, 2009
GM, which has about $28 billion in unsecured debt, warned in a U.S. Securities and Exchange Commission filing that if it doesn’t have a deal on the $1 billion by June 1, a default would arise that could trigger other defaults and “potentially require us to seek relief through a filing under the U.S. Bankruptcy Code.”
http://www.freep.com/article/20090329/BUSINESS01/903290467
We’re now hearing from a source at GM that Fritz Henderson will be taking over as CEO of the nation’s biggest automaker. http://jalopnik.com/5189532/rick-wagoner-to-step-down-as-gm-ceo-at-obamas-request
Wrong, wrong, wrong. Best wishes to Mr. Wagoner.
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