GM CEO Rick Wagoner to Step Down Immediately
http://www.foxnews.com/story/0,2933,511338,00.html
Sunday, March 29, 2009
DETROIT â General Motors Corp. Chairman and CEO Rick Wagoner will step down
immediately at the request of the White House, administration officials said Sunday.
The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003.
cont.
It'll be interesting to see how this plays out tomorrow morning in the market... GM was having about a 5 day upswing...
It could drop heavily, due to the government intervention...
Or it could gain significantly, due to the practical guarantee of government "rescuing"
Vitamin G Wrote:It'll be interesting to see how this plays out tomorrow morning in the market... GM was having about a 5 day upswing...
It could drop heavily, due to the government intervention...
Or it could gain significantly, due to the practical guarantee of government "rescuing"
I wonder how the other institutions that took government money are going to react tomorrow....:?
how long until this administration starts telling EVERYONE how much they can make, what they can buy.etc. etc.?????
LOL I would hate to be that guy.
"Sir.. its um.. the white house on line one... The President wants you to step down..."
But yea thats not cool when government is telling you how to run your business.
:?
But in this case, when they are handing out billions that is somewhat understandable, as far as them not wanting to inturn hand out millions to execs and waste the rest.
Did you hear about the Kali tree hugging libs who want to ban black cars because they use more fuel?
hock:
hock:
First up, how about no more black cars? Yes, that's right. The CARB (Cal Air Resources Board) wants to ban black cars because they require more AC, and therefore more gas. Of course, burning more gas is bad for the environment, so with the stroke of a pen, no more black cars.
BLACK PAINT BAN STORY HERE
I haven't watched or heard TV or radio today. I HOPE THIS IS A JOKE.
OMG! I just followed the link and read the story. This is the beginning of the end for our country fellas. We've got to do something.
Bluesman455 Wrote:Did you hear about the Kali tree hugging libs who want to ban black cars because they use more fuel? hock:hock:
First up, how about no more black cars? Yes, that's right. The CARB (Cal Air Resources Board) wants to ban black cars because they require more AC, and therefore more gas. Of course, burning more gas is bad for the environment, so with the stroke of a pen, no more black cars.
BLACK PAINT BAN STORY HERE
DAMN! You know, I've never owned nor wanted a black vehicle. BUT I WANT ONE NOW! I want the biggest, blackest, gas-guzzling machine that'll fit in one lane.
crowb8 Wrote:Bluesman455 Wrote:Did you hear about the Kali tree hugging libs who want to ban black cars because they use more fuel? hock:hock:
First up, how about no more black cars? Yes, that's right. The CARB (Cal Air Resources Board) wants to ban black cars because they require more AC, and therefore more gas. Of course, burning more gas is bad for the environment, so with the stroke of a pen, no more black cars.
BLACK PAINT BAN STORY HERE
DAMN! You know, I've never owned nor wanted a black vehicle. BUT I WANT ONE NOW! I want the biggest, blackest, gas-guzzling machine that'll fit in one lane.
I think I'll have my Silverado painted black. It's midnight blue right now, but that's not dark enough here in Florida. I wanna sweat, damnit. It's my right to sweat, and Tampa is the nation's sweatiest city - look it up! Hell, I'll paint my house black! How will the bleeding hearts like that? Huh?[mad]
banzaitoyota Wrote:how long until this administration starts telling EVERYONE how much they can make, what they can buy.etc. etc.?????
Not long. The results, of course, will be disastrous. I can't understand why in the world people would complain that the government is "broken" and then simultaneously think that the government should make business decisions for the rest of us.
Brad