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GM CEO resigns at Obama's behest

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posted on Mar, 29 2009 @ 09:11 PM
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GM CEO resigns at Obama's behest


www.politico.com

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.
(visit the link for the full news article)




posted on Mar, 29 2009 @ 09:11 PM
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This is an incredible expansion of the heavy hand that Obama is using on American industry.

How is it that the White House can demand that the CEO of a private company step down? I realize that the reasoning that will be used is that GM is receiving bailout money, thus they have the 'right' to do this.

But where will this intrusion stop? Will the new CEO have to pass Obama's scrutiny?

Washington should stay out of this. They cannot even hand out tickets to an Easter Egg hunt competently, much less run an automotive industry.

www.politico.com
(visit the link for the full news article)

[edit on 29-3-2009 by jsobecky]



posted on Mar, 29 2009 @ 09:59 PM
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Hopefully this saves Saab. Great company.



posted on Mar, 29 2009 @ 10:05 PM
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An ongoing thread on this topic can be found here.

Closing thread.



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