Sunday, March 29, 2009

Wagoner Finished at GM

The New York Times reports:

"The chairman and chief executive of General Motors, Rick Wagoner, is resigning, just hours before President Obama was expected to unveil his rescue plans for G.M. and the ailing American auto industry, a person close to the decision said Sunday.

"Mr. Wagoner was asked to step down, and agreed to do so, as part of G.M.’s restructuring agreement with the Obama administration, according to an administration official who spoke on condition of anonymity because a formal announcement has not been made yet."

3 comments:

  1. Sadly, one cannot help but feel this is a bait & switch meant to blind the public from the fact that any bailout of GM is likely to be just another shelling out of billions with very limited prospects for success. It was far past time for Wagner to leave. Regrettably, it is also probably past time for GM as a whole.

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  2. Do you think he stepped down just so he could get his bonus? Run while the gettin's good?

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  3. No, he was forced out because 6 in 10 Americans see no reason to save GM. Obama thus has to look tough given the tremendous anger over the bailout of the financial industry. Is Wagoner a victim? Probably. However, no one who runs a company that has lost as much money as GM can rightly lay claim to be doing a good job. If you ask me, Gettelfinger should have also been given the boot.

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