I was about to post this breaking news from MSNBC and then went back to the link and information had been added to the article saying that Wagoner was stepping down at the behest of the White House.
DETROIT – A person with knowledge of General Motors’ plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.
The person asked not to be identified because Wagoner’s plans have not been formally announced.
The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.
NBC’s John Yang reports that a senior administration official says Wagoner was asked to step down by the administration.
Both GM and Chrysler are living on a total of $17.4 billion in federal aid.
Obama just reincorporated General Motors into Government Motors.
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Dan McLaughlin
Neil Stevens
Bad, very bad...
TC Robinson (Diary) Sunday, March 29th at 5:30PM EST (link)Rick Wagoner may have needed to go, but he should have been allowed to go on his own time. The governemnt basically firing him like this sets a VERY dangerous prescedent (sic).
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Drudge is reporting Obama "demands GM CEO resign"...
ChattDawg Sunday, March 29th at 5:30PM EST (link)Doesn’t that scare anyone? We indeed live in perilous times…
“In this present crisis, government is not the solution to our problem — government IS the problem…” Ronald Wilson Reagan, January 20, 1981.
My next new car purchase will not be a GM product
ddstrain (Diary) Sunday, March 29th at 5:51PM EST (link)I have little faith that a car manufactured by an arm of the government will function any better than anything else the government runs. For example, we all know how well the U.S. government handles/handled the postal system, AMTRAK, medicare, medicaid, welfare, foodstamps, veterans care, public lands, and fiscal management.
This company will be managed right into oblivion by the government.
I agree with you there and I own a GM right now....
JadedByPolitics (Diary) Sunday, March 29th at 5:54PM EST (link)I am liking Ford a little better what with them not taking any money from the government and they are going to NEED us to buy their products because they are NOW in direct competitition with the US Governmen!
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