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Obama fires GM CEO!!!!

applecorped

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applecorped
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http://www.politico.com/news/stories/0309/20625.html


The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.
 
If GM expects to recieve any kind of assistance from the government to survive, those deemd by the government to be an obstacle to the recovery need to go.

What's your problem?
 
Sword_Of_Truth said:
This is insane...
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What's even more insane are the comments below the article..

I thought americans were angry about these out of control CEOs.. and then when Obama suggests one should step down.. everyone goes after Obama's throat.. I thought the problem was the CEOs..
 
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The usual screaming idiots who just hate Obama for no good reason are doing to him what they claim we did to the Shrub.

We're puitting up money to keep GM alive. Of course we need our interests protected.

It wasn't production workers who screwed GM. It was the front office. The front office needs a good cleaning.
 
I never thought this would happen but:
I have to agree with LeftySergeant. If GM expects to get bailed out by the Government to the amount that they are getting, you have to give the Government a voice in management.
I am just amazed the guy is still there,and that the BOD of GM did not ask him to leave a long time ago.
Once again we have mindless ideologues on both sides. I don't think the Government has the right to tell a company ,under normal circumstances, how to run it's business except in limited areas..ie, enviormental and safety regulations, etc, but if you accept massive government aid you have to expect some government control.
 
Obviously the only role the government should have vis-a-vis the recipients of corporate welfare is to give them your money, that's the foundational principle of free-market economics. As Adam Smith put it: "From each according to his abilities, to each according to his needs."
 
dudalb said:
I never thought this would happen but:
I have to agree with LeftySergeant. If GM expects to get bailed out by the Government to the amount that they are getting, you have to give the Government a voice in management.
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Which is why the government should have let GM go bankrupt.
 
This is the message that needs to be sent. No, the government is not going to be there to be your personal piggy bank, to bail you out after decades of horrible decisions. If you want government cash, it's going to hurt.

Don't like it? Then start running a better company. Wagoner's decisions are a huge part of what put GM in this mess. If you're asking a third party to foot the bill for those horrible, short-sighted decisions, then that third party is going to have some things to say.

So if, like me, you don't like the idea of the taxpayers having to bail out "too big to fail" business, then you should like this decision. This sends a pretty clear message: "Don't get your company in this position."
 
I have a few questions here concerning this move. How much money did GM receive? Is it enough to make the government majority share-holders? If the answer is no then the government has no legal right to fire anybody at GM.

And for that matter, is the money GM received considered bailout money or a loan? If the latter then I don't believe they still have any legal right. If I'm mistaken please point this out.
 
leftysergeant said:
If GM expects to recieve any kind of assistance from the government to survive, those deemd by the government to be an obstacle to the recovery need to go.

What's your problem?
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Holy crap! For once, I agree with you.
 
I hope you guys manage not to let him get away with a £700,000 a year pension.

Fred the Shred was apparently last seen on a bargain flight to the south of France after some reprehensible vandals broke his windows. He said his children were being bullied at school - I didn't think they went in for that at Stewart's Melville, or maybe it was Fettes.

Well, the court of public opinion can be a little volatile. Just saying. If you're going to sack the fat cats, do it properly.

Rolfe.
 
leftysergeant said:
If GM expects to recieve any kind of assistance from the government to survive, those deemd by the government to be an obstacle to the recovery need to go.

What's your problem?
Click to expand...
I never took you for a fascist.

Since when is government in the business of business, lefty? You didn't like it when you thought W was doing it, how and why do you like it when Obama is doing it?

Please, explain this. You have just confused the hell out of me.

DR
 
Neally said:
Wonder how big his severance package was?
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Easy to find out.

Based on their most recent proxy, this is what they would get:

If fired for cause, he gets $0.

If he resigns voluntarily, he gets $0, though it looks like he can get his RSUs that have vested and will vest.

Otherwise, there he gets whatever stock is vested and vesting. As of April 2008, that came to about $10 million, but considering where GM's stock is, it would be significantly less today.
 
Kthulhut Fhtagn said:
I have a few questions here concerning this move. How much money did GM receive?
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It's not the amount of money they have received. It's the amount of money they need to receive (by 1 April, if I remember correctly).

GM said "we need more money." The government said "not while Wagoner is at the helm." GM said "you have no legal right to fire anyone at GM." The government said "yes, but we do have the legal right not to give you another dime until YOU fire him."

GM had two choices. Choose to fire Wagoner, or choose to forego further money and fold. Either way, Wagoner loses.

Is it enough to make the government majority share-holders? If the answer is no then the government has no legal right to fire anybody at GM.
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See above.
 
Darth Rotor said:
I never took you for a fascist.

Since when is government in the business of business, lefty?
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Since the weasels came with hat in hand saying that the ecconomy would be in the toilet if the government didn't throw them a life line.

Government is supposed to promote the general welfare. Letting our manufacturing base disappear is not good for the country.

Neither is letting the morons who screwed up trhat industrial base continue to run it into the ditch on our dime.

In this case, I think that government does know better than at least a few business people how to run a business.

We complained about the Shrub's dealings with business mainly because he seemed to think that business could run a country better than government.

The condition of GM makes one seriously doubt that.
 
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