The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.
The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.
General Motors issued a vague statement Sunday night that did not officially confirm Wagoner's departure.
"We are anticipating an announcement soon from the Administration regarding the restructuring of the U.S. auto industry. We continue to work closely with members of the Task Force and it would not be appropriate for us to speculate on the content of any announcement," the company said.
The surprise announcement about the classically iconic American corporation is perhaps the most vivid sign yet of the tectonic change in the relationship between business and government in this era of subsidies and bailouts.
Wagoner has been CEO for 8 years and at GM for more than 30. It is not yet clear who would replace him, or what role the administration would play in that process.
9 comments:
Have any thoughts on what would have happened if Bush had shown the same arrogance? I think we can all assume the media would have thought it was a wonderful idea and gone on with their day. Right?
They probably would have praised him and said he had great insight and judgement. Yeah right!!! I can already picture the hitler cartoons that would have popped up.
Welcome to the USSA, the United Soviet States of America.
:[
I was incredulous when I heard this on the radio. The feds need to stay out of corporate America completely. This is a shocking turn of events that sets a very, very dangerous precedent.
PCC- Which is the whole idea!
The camel is nearly in the tent...
G*D bless and MARANATHA!
tmw
GM is in a hole it might not be able to get out of and Wagoner decided to take the golden handshake and walk, essentially dumping the problem in the administration's lap.
Nothing to see people, move along.
It makes me uncomfortable to see the government getting involved with funding businesses. It's even more disconcerting to see the President hiring and firing. I don't have a lot of use for the people who got us into this mess, but having the government become even more intrusive in daily life doesn't seem a good solution. Julius Caesar usurped the powers of the Republic because the Senate had become venal and corrupt. He himself might have been a good emperor but his successors included some real monsters like Caligula and Nero. I'd hate to see us go down the same slippery slope.
Welcome to communism, comrades. :(
It turns my blood to ice.
Post a Comment