White House Wants CEO Resignation

Barack Obama White House Administration officials say General Motors' CEO Rick Wagoner is stepping down immediately at the request of the White House.

by Associated Press

Published: Sun, March 29, 2009 - 5:05 pm CST Last Updated: Sun, March 29, 2009 - 5:09 pm CST

WASHINGTON (AP) - Administration officials say General Motors'
CEO Rick Wagoner is stepping down immediately at the request of the
White House.
GM and Chrysler are surviving on $17.4 billion in government
loans. They have been hard hit by the economic downturn and the
worst decline in auto sales in 27 years. GM is seeking $16.6
billion more; Chrysler wants $5 billion more.
President Barack Obama is set to announce a plan tomorrow for
the government to provide more money to the ailing auto industry in
exchange for tough concessions from union workers, bondholders and
others.
Obama tells CBS' "Face the Nation," that all those with a
stake in the automakers' survival need to take more hard steps to
help them restructure for the future. He says "They're not there
yet."

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BamaBob Says:

Mon, Mar 30, 2009 at 10:01 am

Yeah, I just don’t see how this will work, when the government is sitting on the board of one of the auto companies.

I made a bet on Ford, because they did not take bailout money and looked like they had a good chance of coming out of this mess once the economy turns around. This deal with GM makes me wonder how Ford will be able to compete with a government run company.

rolltide33 Says:

Mon, Mar 30, 2009 at 9:58 am

All that talk about bidding govt contracts… we shall see.

BamaBob Says:

Mon, Mar 30, 2009 at 9:54 am

I wonder what Obama meant when he said he would accelerate the purchase of federal fleets. Does that mean GM will automatically get those contracts?

Wait4Me Says:

Mon, Mar 30, 2009 at 9:42 am

You can go buy a car until the end of the year and be able to claim “some” of the taxes for the purchase, if you have a job to pay the payments, or 780 credit to finance it. . And I agree a ”government guarantee”, that’s a scary thought.

BamaBob Says:

Mon, Mar 30, 2009 at 9:36 am

It looks like giving Wagoner was just symbolic. It changes nothing, but it might send a signal to the unions and debt holders.

The interesting thing is the promise that the government will back up warranties. That is almost guaranteed to be a cluster $%%^, because when have they ever been efficient running anything?

rolltide33 Says:

Mon, Mar 30, 2009 at 9:32 am

Im sure that they will be giving away cars…

BamaBob Says:

Mon, Mar 30, 2009 at 9:27 am

Might be a good time to buy a car…...

rolltide33 Says:

Mon, Mar 30, 2009 at 9:12 am

What’s sad is that it took a request from the president for him to step down. Why did the shareholders allow him to keep his job for as long as they did? This company has not performed well in years.

Wait4Me Says:

Mon, Mar 30, 2009 at 9:00 am

Amazing….....

BamaBob Says:

Mon, Mar 30, 2009 at 8:54 am

“AIG execs pressured employees to donate $$ to Chris Dodd:”

http://tinyurl.com/cbaq6t

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