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.

Welcome to the wonderful world of Socialism.

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?

GM now stands for Government Motors.

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.

I'm torn too.

Part of me says, let them fail.

Wagoner's statement:

http://blogs.wsj.com/autoshow/2009/03/30/statement-by-gms-wagoner-following-ouster/

Wagoner was asked to step aside, and he agreed.

I couldn't believe it when I heard it.

Wagoner didn't get a green thumb quick enough, should have known better than to build vehicles people wanted, like big trucks and SUVs....

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.

Burger King?

Yup, without those new miniburgers, GM is doomed!

yes!

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).

Bwahahahaaaaaaaaaaaaaaaaa........oh.....wait....you were serious. Nevermind.

This is some seriously scary stuff - and the stock market doesn't seem happy about it either last I looked.....

Can you blame them Tigg? They're most likely worried that they'll be next.

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.....

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.

i am so anti union, i saw too much waste in it, in WI and MN

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.

Jafo, what should the Board have done?

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.

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.