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from the article, " General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM sources told CNN Sunday.
Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's plans for restructuring GM and Chrysler LLC, which have been pushed to the brink by huge losses and a sharp decline in sales."
So Obama and the Legislature take another step forward towards Federal government control of private industry. Chavez and Castro must be laughing their heads off.
Once a company takes the money it agrees to be transparent.
too bad our president and his hirelings are not transparent
how they love to hide behind closed doors
they will not even tell us how much money is left from the rest of the $350 billion we blew this summer and it is OUR money!
but yet they demand it of others
The danger is that no company will take the money anymore. Thousands might lose their jobs instead of just a few at the top. If you are a CEO making millions, would you ask Congress to give you money knowing that you are going to lose your job in the process? Does the US have a seat on the GM Board? What percentage of the company do they own? Was this part of the debt covenant?
Also how much money have the various banks lost and no-one let go???
Well, maybe "transparent" is too strong a word. But they have to show what they're doing with the govt money and prove why they deserve more - their plans. Evidently GM's plan, if they offered one, didnt instill confidence.
from the article, " General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM sources told CNN Sunday.
Wagoner's departure comes the day before President Obama is expected to announce the latest details of the government's plans for restructuring GM and Chrysler LLC, which have been pushed to the brink by huge losses and a sharp decline in sales."
So Obama and the Legislature take another step forward towards Federal government control of private industry. Chavez and Castro must be laughing their heads off.
GM could've just refused the money......but they didn't...now they have to meet the terms of the "loan". A CEO who needs that kind of help doesn't DESERVE a job....but I hardly think he'll starve to death on the voluminous solid gold parachute he'll receive with our money.
Not real wild about the govt telling a CEO to step down -scary implications there - another step in the wrong direction for democracy.
Isn't that the way things work - bite away at our rights one step at a time.
WTF, thankfully, what are you smoking....seems he and his
staff are running around like chickens' with their heads cutoff....OMG
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