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GM CEO Wagoner to Step Down Immediately

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posted on Mar, 29 2009 @ 04:45 PM
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BREAKING NEWS: GM CEO Wagoner to Step Down Immediately


hosted.ap.org

ETROIT (AP) -- A person with knowledge of General Motors' plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.

The person asked not to be identified because Wagoner's plans have not been formally announced.

The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of $17.4 billion in federal aid.
(visit the link for the full news article)



[edit on 29-3-2009 by elevatedone]




posted on Mar, 29 2009 @ 04:45 PM
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There is some talk that President Obama asked him to step down as a lead in to tomorrows address on the government plan to save the auto industry...

Be that as it may its an interesting development... Personally I can't grasp how any company... be it GM or AIG can continue to lose the money that it has and still be open or even viable.

There are those who will squeak that Obama is going to nationalize the auto industry... but really those who do are clueless... there's no chance in hell he would do that...

... better than throwing more money at another problem though sell it to its employees.

hosted.ap.org
(visit the link for the full news article)



posted on Mar, 29 2009 @ 04:50 PM
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reply to post by grover
 


Hmmm, is he stepping down to take a position in the Obama administration? Makes me wonder!

It seems Obama is rewarding a few for bad behavior.

I'm looking forward to his next address!



posted on Mar, 29 2009 @ 04:53 PM
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reply to post by Blanca Rose
 


I doubt that... CEO's of his league could never make the same money in Government... besides he's as responsible for GM's death as anyone.



posted on Mar, 29 2009 @ 04:54 PM
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Good. I got a dog in this fight and it's about darn time this happened.

I work for a supplier for the auto industry and I've been unemployed for over a month now. If they get the auto industry up and running again I get my job back.

I don't want the auto industry to go under, but I do want to see some major reorganization.

This is a good first step.



posted on Mar, 29 2009 @ 04:58 PM
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Gotta put to use the Golden Parachute before changes prevent that, eh?



posted on Mar, 29 2009 @ 04:59 PM
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reply to post by mrwupy
 


I'm sorry to hear about your situation, and I hope it turns around for you.

What types of changes are you looking to see, and do you think they will come about quickly enough for you to have a job back in a quick amount of time?

What sort of supply industry are you in?

My fiance and I have been looking for a used vehicle the last few months, for a specific need. If we were to buy a new one, it would be like buying a second home, and it seems that people selling used vehicles are either hanging on to them, or asking an outrageous amount of money for hunks of junk.


edit typo


[edit on 29-3-2009 by Blanca Rose]



posted on Mar, 29 2009 @ 05:00 PM
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reply to post by mrwupy
 


It certainly is.

It shows the atleast GM is capable of thinking a. and wants to do some restructuring in order to compete with the Asian markets.

I would not be surprised if Obama did ask him to step down as a PR booster for his plan to fork more money over to these people.

~Keeper



posted on Mar, 29 2009 @ 05:14 PM
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Originally posted by tothetenthpower


I would not be surprised if Obama did ask him to step down as a PR booster for his plan to fork more money over to these people.

~Keeper


Oh no!!!!!!!!!!!!

Hey, I think if that is his plan, he should fund it with his money this time, and not the tax payers!



posted on Mar, 29 2009 @ 05:21 PM
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It'll be after Tuesday they can't give him any money till after the end of the month and will not take anymore till he and a bunch of others bail in the next week.

mikell



posted on Mar, 29 2009 @ 05:50 PM
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This is starting to sound very much like communism. The government demanding the leader of a PUBLIC company to step down. tell me how thats not the start of a communist nation. By the way i hope gm gives him a huge severence pay just to piss of osama oops i mean obama



posted on Mar, 29 2009 @ 05:52 PM
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Is this the same person that was featured in the latest Alex Jones video regarding NWO/Obama?
I thought these folk were bulletproof.



posted on Mar, 29 2009 @ 06:24 PM
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I have a few of thoughts on this. The first is why in the hell are they asking Wagoner to step down while several banks that have received government aid have the same guy in charge. I've never been a Wagoner fan (or Nardelli at Chrysler) but shouldn't the bank CEO's have been forced out as well. The next thought is this an Obama gift to the UAW. Any change in leadership could leave whatever survives of GM in a weaker position to renegotiate with the UAW.



posted on Mar, 29 2009 @ 06:32 PM
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Originally posted by Blanca Rose

What sort of supply industry are you in?




Wheels, aluminum wheels. Just a few years ago we had plants all over the US and in Romania and Mexico. Romania and Mexico are still going strong but we're down to two plants in the U.S.

When I was let go I was told that if things pick up I'll be one of the first called back. Hopefully whatever the president proposes will kick start the industry.

I would rather be working than sitting on my backside drawing unemployment, even though my unemployment is actually keeping me in good shape.

[edit on 29-3-2009 by mrwupy]



posted on Mar, 29 2009 @ 06:44 PM
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Id like to know since when did government get the power to tell businesses how to do business and to tell people to quit when times get rough and tight. The last time I though a government had that power, it was a communist government. It should be the board and stock holders who vote him out of the CEO position. Even thought they may have taken tarp money, it didn't give them autonomy over running the business of GM or any other company, because if that did, we might as well start calling each other comrade, because now we are working for the government than in the capitalist society for which this country was founded on.



posted on Mar, 29 2009 @ 06:48 PM
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reply to post by proudamerican1
 


What I'd like to know is where is all of this executive talent waiting in the wings to do a better job?


I suppose installing a GS-12 at the top will dramatically improve things.



posted on Mar, 29 2009 @ 06:48 PM
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reply to post by mrwupy
 


how can you say this is good. this is even more proof that our government is becoming the USSA united socialist states of America. the government should have absolutely no *SNIP* say on how public company's run. This is why the constitution says you have to be born in America to be president.

Mod edit: No profanity please

[edit on 3/29/09 by FredT]



posted on Mar, 29 2009 @ 06:58 PM
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Two thoughts on this....

First off if the free market really works why wasnt this guy gone a long time ago? I mean he has been a complete and utter failure to the company. When he went into office shares of GM were at $60 in 2000 and went as low as $1.27 Why did the board not get rid of this guy a long time ago?

Second is why are these same restrictions and public beatings given to the banks? I mean sure they get the public smacking at the congressional hearings but thats it. The banks have had to give up NOTHING and barely ANYONE has lost their jobs and are all getting paid quite nice. Talk about a double standard. At least we get a product from the car companies. The banks we give them trillions of dollars so they can lend that money back to us at interest.....sigh.......



posted on Mar, 29 2009 @ 07:01 PM
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Originally posted by proudamerican1
the government should have absolutely no #ing say on how public company's run. This is why the constitution says you have to be born in America to be president.


That public company has been receiving billions of tax payers dollars from the government and is asking for billions more.

The government and the people have every right to ask for some changes, including the . of the company.



posted on Mar, 29 2009 @ 07:11 PM
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reply to post by mrwupy
 


My personal view is....stop giving them money.


In fact, none of the bailouts should have been permitted.



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