inquisitrlogo

Category: News Author : Steven Hodson Posted: March 29, 2009
Tags : , , ,

 
GM boss told to step down by White House


gm20081

On the eve of President Obama’s unveiling of his plan to help save the floundering U.S. automobile industry the head of GM, Rick Wagoner, has been asked to step down from his position by the White House. Apparently Wagoner will be leaving immediately with no word of his replacement as of yet.

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.

Both GM and Chrysler are living on a total of $17.4 billion in federal aid.

Source: MNBC.com

While one might question the While House making demands like this I’m glad that they are. The automotive industry can’t be expected to live off of the people’s money and still retain the same people who have been responsible for its current situation.

[picture courtesy of Critique Auto / hat tip to Brian Sullivan via FriendFeed]










Comments


One Archived Response to “ GM boss told to step down by White House ”

  1. John E. Bredehoft (Empoprises)
    Mar 29, 2009

    It depends upon why Wagoner was sacked. If Wagoner was ousted just to make it look like the government is doing something, then it's just as useless as a sports team owner that sacks a manager without addressing the team's real problems. We'll have to see who Obama names as Wagoner's replacement, and then see what that replacement is able to do in the next year.