Who is your daddy and what does he do?
The line above used to be a joke. No longer. The Obama administration is your daddy now. Politico:
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said…Wagoner has been CEO for 8 years and at GM for more than 30. It is not yet clear who would replace him, or what role the administration would play in that process.
We hold no brief for Waggoner. We don’t know whether he’s been a good or bad CEO. (Michigan’s Democratic governor called him a “sacrificial lamb” in this situation.) But if Barack Obama is going to be selecting CEO’s, at least we know where the buck stops with regarding GM’s future financial performance. And by the way, if Waggoner has been wasteful, it might be appropriate to note that President Obama is bringing a 500 man entourage to Europe with him this week.
March 31st, 2009 at 3:41 am
It will be interesting to learn the new CEO’s political contribution history.
March 31st, 2009 at 5:54 am
If the CEO of GM is being asked to leave bcause he hasn’t provided a profit to the company and to the shareholders will the Presidentof the autoworkers union be asked to step down as well? After all, it’s the agreements they made that add hundreds-if not thousands-of dollars to the cost of an automobile made by these people. Here’s a tip: don’t hold your breath.
I think the revolution is about to start.
March 31st, 2009 at 7:24 am
Obama’s speech is here.
March 31st, 2009 at 11:33 am
Disasters. Fights are breaking out over Michigan in response to layoffs spurned by Obama’s choice for bankruptcy above all other options:
http://tinyurl.com/hopelessobama