Author Topic: GM CEO resigns at Obama's behest (Read 5695 times)

Bindare_Dundat · « **on:** March 29, 2009, 11:07:34 PM »

General Motors chief executive Rick Wagoner is stepping down immediately at the behest of the White House, government sources said Sunday evening.

The news came a day before U.S. President Barack Obama announced plans to further help the struggling Detroit automakers restructure their finances.

It's expected that Obama's plans to reshape the companies will go much deeper than previously thought, and will increase Washington's role in what will likely be a painful process.

Just before the news broke that Wagoner was stepping down, Obama chided the Detroit Three automakers, saying they needed to do more in terms of restructuring in order to receive financial aid.

"They're not there yet," Obama told CBS News Sunday.

GM and Chrysler are now surviving on US$17 billion in loans from the U.S. government, and GM was expected to ask for another US$16.6 billion. The Canadian units of both companies are also seeking billions of dollars in loans from Ottawa.

Late Sunday, the White House handed both companies billions more so they can stay afloat.

It's unclear who will replace the 56-year-old Wagoner, who has been leading the company through the toughest financial crisis GM has ever faced.

He also leaves just before the company was expected to hand its finalized restructuring plans to the White House on Tuesday.

Bindare_Dundat · « **Reply #1 on:** March 29, 2009, 11:41:43 PM »

NEW YORK (CNNMoney.com) -- The Obama administration gave General Motors and Chrysler LLC failing grades Monday for their turnaround efforts and promised a sweeping overhaul of the troubled companies. The government plans to give the automakers more money, but it is also holding out the threat of a "structured bankruptcy."

The federal government will provide operating funds for both automakers for several weeks, during which time the companies will have to undergo significant restructuring, administration officials said late Sunday night.

President Obama is expected later Monday morning to make a formal announcement about his plans for the companies, which have already been given $17.4 billion.

GM (GM, Fortune 500) will get 60 days and Chrysler 30 days in which to make a final push toward proving they can run viable businesses. If Chrysler succeeds, it will receive a $6 billion loan. In GM's case, the officials would not specify how much money the carmaker might receive.

240 is Back · « **Reply #2 on:** March 30, 2009, 06:21:52 AM »

Cue the neocuunts to chime in with socialism claims.

Hey, the guy did take billions of dollars of YOUR money, and 3-4 months later, he's in the same spot as before. Worse actually.

I think it's fair. If you receive six billion dollars of yours and my tax dollars, and you squander it, I don't give a shit if you live in a cardboard box. This guy will retire a deca-millionaire. He just doesn't get to keep his job, squandering of our $1.5 billion tax dollars a month.

Still, ppl will defend his performance because they hate obama. Go figure.

shootfighter1 · « **Reply #3 on:** March 30, 2009, 06:25:44 AM »

If you accept gov (taxpayor) money, the gov now becomes the board of directors.

GM and Crystler should be been assisted in structured bankrupcy last fall. We'll end of giving GM alone at least 50 billion of our money to stay afloat.

240 is Back · « **Reply #4 on:** March 30, 2009, 06:29:10 AM »

Quote from: shootfighter1 on March 30, 2009, 06:25:44 AM

If you accept gov (taxpayor) money, the gov now becomes the board of directors.

100% correct.

If GM had went to Bill gates for money, and he had give them billions of dollars...

Nobody here would be crying if he demanded the CEO take a hike, if the guy wasn't able to improve things.

GM lost $20 billion last year.

Their stock is down 25% in the first 3 minutes of trading today.

The Coach · « **Reply #5 on:** March 30, 2009, 07:13:16 AM »

Quote from: 240 is Back on March 30, 2009, 06:21:52 AM

Cue the neocuunts to chime in with socialism claims.

Hey, the guy did take billions of dollars of YOUR money, and 3-4 months later, he's in the same spot as before. Worse actually.

I think it's fair. If you receive six billion dollars of yours and my tax dollars, and you squander it, I don't give a shit if you live in a cardboard box. This guy will retire a deca-millionaire. He just doesn't get to keep his job, squandering of our $1.5 billion tax dollars a month.

Still, ppl will defend his performance because they hate obama. Go figure.

http://www.getbig.com/boards/index.php?topic=272802.msg3837075#msg3837075

Deicide · « **Reply #6 on:** March 30, 2009, 07:15:58 AM »

Quote from: The Coach on March 30, 2009, 07:13:16 AM

http://www.getbig.com/boards/index.php?topic=272802.msg3837075#msg3837075

Are you a neo-con Coach?

Bindare_Dundat · « **Reply #7 on:** March 30, 2009, 07:33:37 AM »

The government couldn't even sell whiskey and whores at a profit when they took over the Mustang ranch. They can't run the postaal service at a profit . They lost billons of dollars into a blackhole with these bailouts. What makes anyone think they'll do better with this?

Bindare_Dundat · « **Reply #8 on:** March 30, 2009, 07:36:49 AM »

Dow down -264. I guess this news and increasing foreclosures didn't impress very many people.

tonymctones · « **Reply #9 on:** March 30, 2009, 07:38:36 AM »

Quote from: Bindare_Dundat on March 30, 2009, 07:33:37 AM

The government couldn't even sell whiskey and whores at a profit when they took over the Mustang ranch. They can't run the postaal service at a profit . They lost billons of dollars into a blackhole with these bailouts. What makes anyone think they'll do better with this?

^this^

Soul Crusher · « **Reply #10 on:** March 30, 2009, 07:39:21 AM »

Quote from: 240 is Back on March 30, 2009, 06:21:52 AM

Cue the neocuunts to chime in with socialism claims.

Hey, the guy did take billions of dollars of YOUR money, and 3-4 months later, he's in the same spot as before. Worse actually.

I think it's fair. If you receive six billion dollars of yours and my tax dollars, and you squander it, I don't give a shit if you live in a cardboard box. This guy will retire a deca-millionaire. He just doesn't get to keep his job, squandering of our $1.5 billion tax dollars a month.

Still, ppl will defend his performance because they hate obama. Go figure.

More like dictator and fascist.

Why doesnt ZERO askf rot he CEO's of the banks who took TARP money to resign?

??

240 is Back · « **Reply #11 on:** March 30, 2009, 07:45:57 AM »

Quote from: 333386 on March 30, 2009, 07:39:21 AM

More like dictator and fascist.

So every corporate board who fires a guy is now fascist.

Amazing how these words get thrown around. Then again, I remember coach calling Kerry a 'traitor'. I mean, the guy's a decorated war vet.

Soul Crusher · « **Reply #12 on:** March 30, 2009, 07:54:32 AM »

Quote from: 240 is Back on March 30, 2009, 07:45:57 AM

So every corporate board who fires a guy is now fascist.

Amazing how these words get thrown around. Then again, I remember coach calling Kerry a 'traitor'. I mean, the guy's a decorated war vet.

No. Zero demanded that the CEO resign.

Why did he do this for GM and not the banks?

??

MRDUMPLING · « **Reply #13 on:** March 30, 2009, 07:56:26 AM »

Quote from: 333386 on March 30, 2009, 07:54:32 AM

No. Zero demanded that the CEO resign.

Why did he do this for GM and not the banks???

Great question to which we all know the answer to...the banks own the government.

240 is Back · « **Reply #14 on:** March 30, 2009, 07:59:18 AM »

Quote from: 333386 on March 30, 2009, 07:54:32 AM

No. Zero demanded that the CEO resign.

Why did he do this for GM and not the banks???

Did you expect him to announce every intended firing on the same day, and just sink the entire DOW?

LOL...

Or, maybe he's either sending a signal to the other firms that their guys can be fired too. Or, maybe he'll wait a week and fire some AIG and CITi guys too.

I mean, you're shitting on the guy because he only fired some of the CEOs.

Soul Crusher · « **Reply #15 on:** March 30, 2009, 08:00:48 AM »

Quote from: 240 is Back on March 30, 2009, 07:59:18 AM

Did you expect him to announce every intended firing on the same day, and just sink the entire DOW?

LOL...

Or, maybe he's either sending a signal to the other firms that their guys can be fired too. Or, maybe he'll wait a week and fire some AIG and CITi guys too.

I mean, you're shitting on the guy because he only fired some of the CEOs.

No, because he is a dictator wannabe.

Bindare_Dundat · « **Reply #16 on:** March 30, 2009, 08:07:03 AM »

according to an administration document, "Their best chance at success may well require utilizing the bankruptcy code in a quick and surgical way."

the government is also setting aside funds to back up warranties on vehicles GM and Chrysler sell.

Um, I remember many people suggesting this before they were given billons of dollars. Look at all the money, time and effort spent at a soultion that failed. Should seem obvious by now.

Bindare_Dundat · « **Reply #17 on:** March 30, 2009, 08:12:19 AM »

Damage control:

Obama: Automakers must come up with stronger restructuring plans to stay viable, says U.S. doesn't plan to run GM

riiiight..

Soul Crusher · « **Reply #18 on:** March 30, 2009, 08:20:57 AM »

Quote from: Bindare_Dundat on March 30, 2009, 08:12:19 AM

Damage control:

Obama: Automakers must come up with stronger restructuring plans to stay viable, says U.S. doesn't plan to run GM

riiiight..

This is all about his garbage energy plan. The fact of the matter is that GM makes very good truck sand SUVS and crappy cars other than the corvette. If they would follow the Pickens plan and convert to natural gas, it would be easier to sell trucks since the cost of fuel would not fluctuate as high.

Obama wants them change from trucks to cars and other fantasy ideas in his head. He has no clue WTF he is doing and is obviously doing blow again. There is simply no other explanation for this nonsense.

He is trying to run these companies and mold them in a way he wants, as opposed to what the customer and market wants.

240 is Back · « **Reply #19 on:** March 30, 2009, 08:34:42 AM »

Obama, the socialist, finally told the companies today that the money train is over.

He told them they could fail, or that they could survive, but the assholes who lost all the $ in the last year, gotta go.

haha I'm laughing 333386 - I thought you would say this was the first GOOD move obama's made... instead you only bitch that he hasn't done it to AIG or CITI yet.

Are you at least a *little* happy that obama is finally firing the worthless bitches that keep losing the $?

Soul Crusher · « **Reply #20 on:** March 30, 2009, 08:39:07 AM »

Quote from: 240 is Back on March 30, 2009, 08:34:42 AM

Obama, the socialist, finally told the companies today that the money train is over.

He told them they could fail, or that they could survive, but the assholes who lost all the $ in the last year, gotta go.

haha I'm laughing 333386 - I thought you would say this was the first GOOD move obama's made... instead you only bitch that he hasn't done it to AIG or CITI yet.

Are you at least a *little* happy that obama is finally firing the worthless bitches that keep losing the $?

I dont like the govr running private companies and telling them what they can and cant make.

GM makes good Trucks and SUVS that people like. Let them do what they are good at and tell the union to fuck off or just let them go.

The Coach · « **Reply #21 on:** March 30, 2009, 08:43:34 AM »

Quote from: 240 is Back on March 30, 2009, 07:45:57 AM

So every corporate board who fires a guy is now fascist.

Amazing how these words get thrown around. Then again, I remember coach calling Kerry a 'traitor'. I mean, the guy's a decorated war vet.

And I stand by that along with Carter and a few others. Also from what I remember him being a decorated war vet wasn't exactly legit.

shootfighter1 · « **Reply #22 on:** March 30, 2009, 08:43:44 AM »

Its a tough call on this one. I certainly don't want the gov deciding which companies are viable and which aren't and having the power to remove heads of companies...but if they are asking for bailout money, the gov must look at the viability of the company. A structured, gov assisted, bankrupcy was the best option last fall. Thats what an organized bankrupcy is for, to re-organize with better potential for viability. You can see the problems with bailouts now. Both with AIG and the auto industry.

The power we give the gov to intervene here must be temporary. In general, the gov should be a regulatory body only. The gov will not be able to efficiently run companies, nor do we want them to. I worry, as well, that Obama will try to force alternative energy car production as part of the bailout. Until the technology is solid and reproducable for the masses, we should not mandate anything but viability.

240 is Back · « **Reply #23 on:** March 30, 2009, 08:47:37 AM »

Kerry was wounded 3 times in the field, wasn't he? What wasn't accurate about that, Joe? I can see disagreeing with his policies and post-war beliefs, but he was actually there - your point of view is based on what you saw on TV. Please tell us why John Kerry is a traitor, joe. I disagree with a lot of politicians, but 'traitor' is the worst charge you can levy against a person.

Quote from: The Coach on March 30, 2009, 08:43:34 AM

And I stand by that along with Carter and a few others. Also from what I remember him being a decorated war vet wasn't exactly legit.

240 is Back · « **Reply #24 on:** March 30, 2009, 08:49:01 AM »

Quote from: 333386 on March 30, 2009, 08:39:07 AM

I dont like the govr running private companies and telling them what they can and cant make.

They can decline the billions of dollars.

or they can accept the $, and the terms that come with it.

Really, you're defending one guy who just took billions of YOUR money, and wasted it. That millionaire CEO who said 5 months ago that he just need a few bil, and now he's back for more.