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 ...
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!
General Motors, as of 2:00 pm central time, is down 27%.
Nice move, Hussein.
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.
i bet wagonoer agreed because obama promised him a nice secret aig like bonus if he did and didn’t fight it.
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.
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