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#1153739 - 03/30/09 04:02 PM Administration forces head of GM out
HappyGilmore Offline
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Pulling people out of the ditc...
Anyone else taking TARP funds concerned that your CEO could be next? I know Citi's CEO is safe, he is one of the biggest contributors to a certain President...just wonder where this insanity will end.
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#1153763 - 03/30/09 04:18 PM Re: Administration forces head of GM out HappyGilmore
FBH Offline
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The Land of Tax Free Shopping!
Welcome to the wonderful world of Socialism.
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#1153768 - 03/30/09 04:21 PM Re: Administration forces head of GM out HappyGilmore
QCL Offline
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QCL
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NW IL
I heard about this on the radio this morning, and wondered if I'd heard correctly since no one else posted it here.

http://online.wsj.com/article/SB123841609048669495.html

http://www.google.com/hostednews/ap/article/ALeqM5ihDmcAFFtCO_yZDi-IPKEpLwZb8wD978CSV80

So the President of the US can fire the CEO of GM?

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#1153790 - 03/30/09 04:39 PM Re: Administration forces head of GM out QCL
Creditcop Offline
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Indiana
GM now stands for Government Motors.

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#1153794 - 03/30/09 04:41 PM Re: Administration forces head of GM out Creditcop
Bankster Offline
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I'm kind of torn on this. Should the government be able to fire the CEO of a private company? Well maybe, if said company has been run so poorly that they are now begging for a government bail-out.

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#1153796 - 03/30/09 04:42 PM Re: Administration forces head of GM out Bankster
A_G Online
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I'm torn too.

Part of me says, let them fail.
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#1153798 - 03/30/09 04:43 PM Re: Administration forces head of GM out Creditcop
DeeQ Offline
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Turnpike Exit 10
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#1153801 - 03/30/09 04:44 PM Re: Administration forces head of GM out QCL
DeeQ Offline
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Originally Posted By: QueenChop'dLiver
So the President of the US can fire the CEO of GM?


Wagoner was asked to step aside, and he agreed.
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#1153803 - 03/30/09 04:45 PM Re: Administration forces head of GM out A_G
E.E.G.B Offline
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the sandy shore
I couldn't believe it when I heard it.
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#1153808 - 03/30/09 04:48 PM Re: Administration forces head of GM out E.E.G.B
Pale Rider Offline
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under the Lone Star
Wagoner didn't get a green thumb quick enough, should have known better than to build vehicles people wanted, like big trucks and SUVs....
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#1153818 - 03/30/09 04:56 PM Re: Administration forces head of GM out Pale Rider
straw Offline
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The oil price spike hurt GM near term, but the bottom line is GM cannot operate at the competitive disadvantage they are at presently.

Most of the debt load they currently have is from pension and health care benefits, whose costs will not go away without a BK filing.

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#1153822 - 03/30/09 05:01 PM Re: Administration forces head of GM out straw
DeeQ Offline
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Burger King? confused
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#1153823 - 03/30/09 05:06 PM Re: Administration forces head of GM out DeeQ
B_F Offline
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Cincinnati, OH
Originally Posted By: Devil Queen
Burger King? confused


Yup, without those new miniburgers, GM is doomed!

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#1153824 - 03/30/09 05:07 PM Re: Administration forces head of GM out A_G
*nUnZeO* Offline
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Originally Posted By: Just J@y
I'm torn too.

Part of me says, let them fail.


yes!
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#1153826 - 03/30/09 05:09 PM Re: Administration forces head of GM out straw
Snow Bunny Offline
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In the Snow :)
Originally Posted By: straw
The oil price spike hurt GM near term, but the bottom line is GM cannot operate at the competitive disadvantage they are at presently.

Most of the debt load they currently have is from pension and health care benefits, whose costs will not go away without a BK filing.



This is really one of the major problems of auto-assembly in the U.S. While there does have to be change on the management side of the equation - there also has to be change on the Union side, and I can't believe that will be an easy transition. Will the unions fight tooth and nail to keep what they have, or realize it's better to have a job, and the benefits that come with it (even if they have to chip in more to pay for them).
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#1153829 - 03/30/09 05:13 PM Re: Administration forces head of GM out DeeQ
MB Guy Offline
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Way, way south.
Originally Posted By: Devil Queen
Originally Posted By: QueenChop'dLiver
So the President of the US can fire the CEO of GM?


Wagoner was asked to step aside, and he agreed.


Bwahahahaaaaaaaaaaaaaaaaa........oh.....wait....you were serious. Nevermind.
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#1153832 - 03/30/09 05:16 PM Re: Administration forces head of GM out MB Guy
Tigg Offline
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Looking for My Happy Place....
This is some seriously scary stuff - and the stock market doesn't seem happy about it either last I looked.....
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#1153839 - 03/30/09 05:21 PM Re: Administration forces head of GM out Tigg
Snow Bunny Offline
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In the Snow :)
Can you blame them Tigg? They're most likely worried that they'll be next.
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#1153843 - 03/30/09 05:24 PM Re: Administration forces head of GM out Snow Bunny
Tigg Offline
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Tigg
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Looking for My Happy Place....
I knew it was going to happen - looked at them at 10:05 right after the live speech started and they were already down almost 300 points. 140,000 jobs between GM and Chrysler.....
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What would you do if you knew you could not fail? ~ Dr. R Schuller

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#1153863 - 03/30/09 05:43 PM Re: Administration forces head of GM out Snow Bunny
#Just Jay Offline
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Cheeseheadland
Originally Posted By: Nittany Ms.

This is really one of the major problems of auto-assembly in the U.S. While there does have to be change on the management side of the equation - there also has to be change on the Union side, and I can't believe that will be an easy transition. Will the unions fight tooth and nail to keep what they have, or realize it's better to have a job, and the benefits that come with it (even if they have to chip in more to pay for them).


Answer is bolded... if they were smart enough to know the correct answer, they wouldn't have to work for union in order to protect themselves from their own laziness and stupidity.
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#1153867 - 03/30/09 05:45 PM Re: Administration forces head of GM out #Just Jay
kms Offline
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God Bless America
i am so anti union, i saw too much waste in it, in WI and MN
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#1153868 - 03/30/09 05:45 PM Re: Administration forces head of GM out Tigg
Jafo Offline
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State of Confusion
The government should have let them fail a few months ago instead of giving them money. The only way they can become viable again is to go into bankruptcy, that way they can get their debts and the contracts with the unions in order.

As for firing the CEO-I kind of think GM asked for it by accepting government money. I guess the bigger question to me is where was the Board of Directors? Aren't they suppose to be looking out for the shareholders? It appears that they have been turning a blind eye, while still collecting a check.
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#1153873 - 03/30/09 05:47 PM Re: Administration forces head of GM out Jafo
straw Offline
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Jafo, what should the Board have done?

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#1153902 - 03/30/09 06:06 PM Re: Administration forces head of GM out straw
Jafo Offline
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The Board is responsible for getting a person that will move the company in a more profitable direction. Wagoner was not accomplishing that so they should have gotten rid of him not the government.
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#1153910 - 03/30/09 06:13 PM Re: Administration forces head of GM out Jafo
straw Offline
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What is the profitable direction they should be moving in? Seems to me their position is untenable and the adminstration has now said that publically.

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