Via ABC News: GM Boss Wagoner to Resign, Source Says
A White House official tells ABC News that the Obama administration asked GM chairman and CEO Rick Wagoner to step down, and Wagoner agreed to do so.GM had no official comment.
The move is part of the administration’s plans to restructure the auto industry, which President Obama is expected to announce Monday.
Of the various bailouts, I think that the auto industry business has been the most troublesome to me, as while clearly the proximate cause of the Big Three’s woes was the global financial crisis, the seeds of the problems were self-sown some time back. Further, it seems like the government loans to GM and Chrysler were always destined to be un-repaid gifts (the phrase “down a rathole” comes to mind) and that there was no way those two companies in particular could survive this process intact.
I am hoping that whatever is announced is basically a specialized bankruptcy proceeding so that these companies can be properly restructured/dismantled rather than an attempt to take control of them in the vain hope of making them whole again.
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March 29th, 2024 at 7:45 pm
Adam Smith is grinding his teeth.
March 30th, 2024 at 11:29 am
The big Three got themselves into this situation by their own greed. They have had years to invest and improve the market, communities, and their product and have failed miserably. We still rely on engine designs based on gasoline because the others were never ventured on because oh i might nog make a profit this year and break even. Greed is why they are in the condition they are in and the government uses TAX Payers money to bail them out. Here is a good one how about using the managements money from the Big three to bail themselves out. Take all their belongings and possessions, but no we cant do that lets loan them money and watch them cut jobs and still collect their big salaries for being managers and professionals that are in a failing company because of bad decisions and failure to prepare. If a business fails because of bad choices why do they deserve to succeed and use our money, i dont see you rushing out to save small businesses and the others why are they so special i think they screwed up the most.
March 30th, 2024 at 11:31 am
Oh and just to prove a point we just gave them bailout money on a plan that apparently was poorly written and instituted cause they are back for more. That is a managment failure for many reasons. So its a good investment give them more money….how many times can they fail right. Eventually they will succeed