GM CEO Wagoner to step down at White House request

[novaqt]

After Obama's Power grab for GM is complete, he will introduce GM's new flagship model..............

LOL

 

[Gilding the Lily]

The new GM chief is able to see the forest from the trees. He recently said he is prepared to do whatever it takes to reorganize the company, including taking GM through bankruptcy court. Wagoner resisted the thought of bankruptcy until his final breath as CEO. But what was the reason? How could a government financed bankruptcy be any worse than what already has occured? Only in bankruptcy (other than a new congressional law) can the company make the changes necessary to compete. A little pain now will prevent much pain later.

 

[Dignity]

The new GM chief is able to see the forest from the trees. He recently said he is prepared to do whatever it takes to reorganize the company, including taking GM through bankruptcy court. Wagoner resisted the thought of bankruptcy until his final breath as CEO. But what was the reason? How could a government financed bankruptcy be any worse than what already has occured? Only in bankruptcy (other than a new congressional law) can the company make the changes necessary to compete. A little pain now will prevent much pain later.

thats right..

(they need to reorganize, Wagoner more than likely just didnt want that on his watch (as his legacy, a bankruptcy)...but knew it was necessary)

 

[eolesen]

It's correct that the CEO's of Freddie and Fannie were asked to resign. But the US Government was the majority shareholder in those corporations. The same can happen with Amtrak or the USPS.

GM is different. The US Government invested a lot of money, but I don't believe they were a controlling shareholder. The government bypassed a lot of people in the process here.

If they can do it to GM, what's to stop them from doing it to an airline who gets a bailout in another ATSB type situation?...

Before you say "good!" try to keep in mind it's a slippery slope.... If they can do it to a publicly traded company, why not also do it to a privately held company.

Before you know it, you'll have the King replacing duly elected officials.....