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Rick Wagoner forced out of GM by Obama administration

Quote:

Wagoner forced out at GM
Christine Tierney and David Shepardson / The Detroit News

General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner is stepping down immediately after being asked by the Obama administration to give up his position at the helm of the largest U.S. automaker, people familiar with the situation said.

Wagoner's departure comes on the eve of President Barack Obama's scheduled presentation of his vision for the U.S. auto industry. The president has said he wants to help the struggling industry but faces mounting opposition to bailouts of businesses and industries.

GM declined to comment and it was not immediately clear who would succeed Wagoner, a GM lifer who became the company's chief executive in 2000 and chairman in 2003.

Industry experts credit him with pushing through profound reforms at the 100-year-old company, but his critics say Wagoner moved too slowly.

After losing $82 billion since 2004, GM is now subsisting on federal loans as it struggles to survive one of the most perilous stretches in its history.

The company has received $13.4 billion from the government and is seeking up to $16.6 billion more.

"From the government's perspective, they had to show a visible form of sacrifice," said David Cole, chairman of the Center for Automotive Research in Ann Arbor and the son of a former GM president.

"At one level I'm surprised," he said, "and at another level, not at all."

An Obama administration official said Sunday that the White House had sought his resignation and Wagoner had agreed.

GM has set a 9 a.m. conference call for Monday morning with top company officials. A person familiar with the matter said GM President and Chief Operating Officer Fritz Henderson would be named CEO on an interim basis.

Henderson has been carrying out the company's restructuring on a day to day basis and knows the task force leaders.

Obama said earlier on Sunday that Detroit's automakers had taken measures to improve their competitiveness.

"We think we can have a successful U.S. auto industry," he said on CBS's news show "Face the Nation."

"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 and mean and competitive than it currently is. And that's going to mean a set of sacrifices from all parties -- management, labor, shareholders, creditors, suppliers, dealers," Obama said.

The president is scheduled to present his strategy for the auto industry from the White House Grand Foyer at 11 a.m. on Monday.

Rightful cut? Or sacrificial lamb?

First step in the dissassembly of the US private manufacturing sector.

Quote:

Wagoner's departure comes on the eve of President Barack Obama's scheduled presentation of his vision for the U.S. auto industry.

Note how it is the vision of a man that has never had a paying job in his life, let alone actually ever run any for-profit entity.

"his vision" is a social experiment and redistribution of capital to "the people", by way of the state.

He has social services, the military, the banking sector and is about to get health care. He needs manufacturing next. He has a plan to federally fund the newspapers, they have the unions and the census (it is now under his direct control) - they are about to get the power grid (GE is a key insider on the Smart Grid plan) and they will be after transportation.

Pretty much everything he needs to play Sim City on a scale the world has never seen before.

I weep for the Republic for she knows not that her citizens have foresaken her. :(

This is 100% bullshit.

I didn't see this one coming so soon. It's time for the administration to be recalled.

I reckon Wagoner willingly left without a whimper. GM was going downhill and he didn't want any part of it. Of course, he probably got a good chunk of the bailout money as well.

Quote:

Originally Posted by Mattk (Post 865301)

I reckon Wagoner willingly left without a whimper. GM was going downhill and he didn't want any part of it. Of course, he probably got a good chunk of the bailout money as well.

Uhm - he "willingly" took over when GM was in the crapper, and he helped to bring them back along with Lutz. If he didn't want any part of it, he would not have taken the job when he did.

If any one was still wondering if Obama was a Hobbesian or a Lockean, I think all doubt (if ever there was any) has been erased.

I wonder why is it that people are not asking for Obama's resignation, if the last 66 days are any indication of what is in store, him and all his tax cheats mobsters should get the boot
I knew this once great nation died last november, the moment I saw this guy give his speech I thought about that great line from starwars episode III, read my sig

Quote:

Originally Posted by 10000rpmlover (Post 865310)

I wonder why is it that people are not asking for Obama's resignation, if the last 66 days are any indication of what is in store, him and all his tax cheats mobsters should get the boot
I knew this once great nation died last november, the moment I saw this guy give his speech I thought about that great line from starwars episode III, read my sig

They are rightfully afraid of him and his brownshirts.

You see those Dow futures? Down 170.... perhaps they moght halt trading before the opening bell ;)

Whee?

The US government will stand behind Chrysler and GM's warranty?

Just who does he think he is?

Obama wants GM and Chrysler to come up with a new viability plan (ie the one that he wants, as if he knows how the industry works. This is a man who wants millions of plug in electric cars during his term.). So no $$$ for them. Union leaders are not happy about this as well.

I can only envision an American Leyland Motors in our future.

He's prob not intrested in signing a similar bailout like aig as the last admin did.

Quote:

Originally Posted by SHIZL (Post 865326)

He's prob not intrested in signing a similar bailout like aig as the last admin did.

Actually. It's more like it. AIG bailout meant that the US gov't effectively bought AIG. Now the Obama administration is saying that it will give money to GM and Chrysler if they do what it wants them to do. That's pretty much buying them out.

well NUTbama is going to Europe, any chance someone will smack him on the face with a dirty shoe?

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Originally Posted by 10000rpmlover (Post 865340)

well NUTbama is going to Europe, any chance someone will smack him on the face with a dirty shoe?

Smack down O? Not a chance, and even if they were to say so... Obama will differentiate himself from them by bringing up... or at least presenting his facad the "world leading" aspect that is the USA over the last 60 years. I'm pretty sure he loaths that fact. Who knows.

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Originally Posted by nthfinity (Post 865341)

not what I was asking, I am only interested in someone throwing a shoe at his face, preferably a shoe dirty with cow manure:twisted:

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Originally Posted by nthfinity (Post 865341)

None of the world leaders seem to respect him. This is not good in any case for the US.