White House Asks General Motors CEO to Quit
The White House has asked Rick Wagoner to step aside as CEO of General Motors. From the AP:
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 plans to restructure GM and Chrysler LLC in exchange for additional government loans.
I find it rather funny the way it has been reported. Apparently Obama plans to run this business? The government does such a fantastic job don’t they? It will be wonderful to watch them keep this failed business on life support for a couple of more years. I suppose we will be hearing about executive pay being managed by the imperial federal government. I suppose they will dictate what kind of cars they will be allowed to produce. I suppose no one in America will want them. The bailout will continue for a hundred or so more billion dollars and then hopefully we will vote these clowns out and another administration will allow the company to die an honorable death.
Don’t you find it scary that the government is making restructuring plans? I do. More government control and intrusion. It can only fail. But hey, let’s give the Dems a whirl at running a car shop. Should be entertaining despite billions more of our future swirling around the bowl.
Amanda on March 30th, 2009
Ditto that. As a Michigan resident I find it even more scary. My dad is a retired GM employee and has already lost most of his health benefits–not quite sure what’s going to happen with that pension. He’s taking it like a champ though and continues to work full-time as a substitute teacher. What else can you do? Luckily though he’s in good health at age 71. We’re all very thankful for that!
Will you be attending any Tea Parties on April 15th?