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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 Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler.
Wagoner’s resignation was one of the remarkable strings attached to the new aid package the administration is offering GM, 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.
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. The company has not said who will replace him. GM has received $13.4 billion in government aid, and has been seeking $16.6 billion more.
Industry sources had said the White House planned very tough medicine in Monday's announcement, which turned out to be an understatement. And it went to the very top. The measures to be imposed by the government will have a dramatic effect on workers, unions, suppliers, bondholders, shareholders, retirees and the communities where plants are located, the sources said.
Good news to know that the truth will always out--even when you’re Barack Obama.
“Obama Years Ago Helped Fund Carbon Program He Is Now Pushing Through Congress” is a FOXNews story by Ed Barnes. In short, “While on the board of a Chicago-based charity, Barack Obama helped fund a carbon trading exchange that will likely play a critical role in the cap-and-trade carbon reduction program he is now trying to push through Congress as president.”
The charity was the Joyce Foundation on whose board of directors Obama served and which gave nearly $1.1 million in two separate grants that were “instrumental in developing and launching the privately-owned Chicago Climate Exchange, which now calls itself “North America’s only cap and trade system for all six greenhouse gases, with global affiliates and projects worldwide.”
And that’s only the beginning of this tawdry tale, Mr. Barnes.
The “privately-owned” Chicago Climate Exchange is heavily influenced by Obama cohorts Al Gore and Maurice Strong.
For years now Strong and Gore have been cashing in on that lucrative cottage industry known as man-made global warming.
Strong is on the board of directors of the Chicago Climate Exchange, Wikipedia-described as “the world’s first and North America’s only legally binding greenhouse gas emission registry reduction system for emission sources and offset projects in North America and Brazil.”