I know the government can attach all the strings it want's to it's bail out money but when The President of the United States can demand that the CEO of an American company step down it WREAKS of socialism.
DETROIT — General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
Wagoner's departure indicates that more management changes may be part of the deal. Wagoner, 56, has repeatedly said he felt it was better for the company if he led it through the crisis, but he has faced sharp criticism on Capitol Hill for what many lawmakers regard as years of missteps, mistakes and arrogance by the Big Three automakers.
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21 comments:
Wow, here we go. To hell in a handbasket. GM should fail, because they already have. It is done. For our "government" to take control of this is why no one should ever buy a GM product again, and I'm a GM hardcore buyer. I've owned 1 ford in my life; all Chevies. That time of my life is over today. I call on everyone to just stop and send the message. If you buy GM, you buy government control of your life.
I'm with you Orsonwells
welcome to the state of obama
(what did u expect world peace)
t&n
Welcome to Socialism gang
Really guys??? Really? Wagoner ran the company into the ground and then repeatedly failed to reform when provided with the opportunity. This move should have been initiated by shareholders years ago, but it's as welcome now as ever.
Maybe it should have been done by the shareholders years ago but it wasn't. That can never mean it's now the governments responsibility to take over operations of an American company. LET THEM FAIL! Someone will take their place. It cannot become the right of the government to seize private businesses! It's like invoking martial law without coming right out and saying it.
It's not socialism when you ask for taxpayer money. WE own GM then.
Joe, just the other day didn't you write how refreshing Obama was?
When taxpayers own 80 percent of business like AIG, it is nationalized. Get over it!
GM should have been allowed to fail. Sorry retirees, but you all were part of the problem with the constant union money grab, and poor workmanship, poor work ethic!
I can remember in Baltimore, that at the Fisher Body Plant, all the employees drove foreign cars because they knew what they were making was junk! And that was back in the 70s.
If you listen to the Obama administration and the Obamabots, Rick Wagoner was told to step down because "he was largely responsible for GM building more trucks and SUVs instead of fuel efficient cars".
People seem to forget that in 2005 more truck and SUV's were sold than cars. GM would have irresponsible to not be in the truck and SUV business.
This is just another attach by the liberals on the SUV and those that build them.
1939 all over again!
Conform or be reeducated!
10:39,
I agree with that. By taking taxpayers money they are permitting certain strings to be attached to their companies. My point was that we're allowing the government to engage is socialism by standing by and permitting them to use taxpayers money to bail ouy companies the government chooses to bail out. These companies should win or lose on their own merits. Furthermore, if congress extends the Department of Treasury the authority, they will be permitted to go into ANY business, whether or not they received govt. money, and take them over. That's what they are asking for. Wake up and see what's right in front of your eyes. Each little step they take get's us deeper in debt and deeper into socialism. Oh, you said that "WE own it". Are you French? WE don't own anything. The govt. owns it. It mat be taxpayers money but "WE" have no say on how it is spent. Therefor "WE" have no say in how that company is operating. The govt. has established a sharp line indicating that the govt. does what it wants when it wants and "We The People" have no choice in the matter. We are being sold out a little more everyday and we stand by and do nothing!
I say no bailouts to anyone, make it or break it. If you can't make it in a free market society you shouldn't be in business.
No more corporate welfare and bailing out banks that gave risky loans knowing the conditions of the economy. Let them eat cake.
Obama pulled off an illegal election because he refused to prove he was a U.S. citizen. Now he implements policies that are nothing short of Socialistic which violate every value on which this nation was built. Be sure that Americans are becoming frustrated. Their patience is growing short. There is a rumbling from down here on the citizen level that politicians would be well advised not to ignore. Ammunition and weapons are being purchase in the largest numbers in American history. It doesn't have to be like this. We need to get back to the basics. America First! Put the Federal Government back in it's place - in compliance with the U.S. Constitution - smaller - costing less to run with less taxation.
The Socialism is about to change to the final stage. . .COMMUNISM.
All of you posting are right about questioning . . .why in are we allowing the Government to spend taxpayers money on a sinking ship?
It makes no sense.
May be these same people who think it is alright for Obama to tell GM how to run its business because the business borrowed money from the goverment I am sure would be more than willing to have the bank that is financing their car or home to tell them how to drive or live. But on the other hand the driving skills of people with Obama bumper stickers on their cars is usually severely lacking and may their bank should get involved to protect its asset.
Yup I say let the captain(CEO) go down with his sinking ship.
You think he gives a rat's butt how many GM employees are getting laid off? I doubt it.
Why am I in this basket? Is it just me or is it getting hot in here? Was the Union leaders also asked to step down? No because this admin. is pro union. Yes the CEO is responsible but the stockholders should have been the ones to ask him not the government. We are on one scary path as a nation.
You get what you vote for.
I am waiting for the White House to force the head of the UAW out as well. Auto unions are one of the biggest problems that domestic auto manufacturers face.They have been major contributors to the Detroit slide over the past 20 plus years.
stop your crying,these power hungry,bonus receiving arrogant CEO'S are getting just what they deserve,President Obama is not kidding when he says that his administration will hold these million dollar income ,spoiled azz croanoes accountable.so suck it up boys and let's move on.wagoner wasn't a saint,nor should he be treated like one.ask the people that worked for him.see yaaaaa.
so when the gov't gives money to GM, it is allowed to tell GM what to do and where to go...
But when the gov't gives money to someone who lost their job, it is not allowed to ask them to take a drug test??
And most of the people who don't mind Obama firing Wagoner were probably the ones who did have a problem with the drug testing.
hmmmmm
BC in NC
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