GM CEO Rick Wagoner to step down at White House request

[ducks]

http://news.yahoo.com/s/ap/gm_wagoner

[ChumpDumper]

Does he get a bonus?

[ducks]

Salary US$ 1,558,330 (2007)
otal: US$ 14,415,900 (2007)[1]
US $1 (2009)
http://en.wikipedia.org/wiki/Rick_Wagoner

[TDMVPDPOY]

seems like someone is going to get pwned

[LockBeard]

Government Model.

Let the takeover become complete.

[Bartleby]

Government Model.

Let the takeover become complete.

This should be the first item on the agenda at the next tea party.

[Crookshanks]

This is what happens when you let Government into Private Business. CEO's of large corporations across the United States are probably getting ulcers about now.

[clambake]

which CEO's are those?

[LockBeard]

This should be the first item on the agenda at the next tea party.

lol I don't take part in that stupid .

Great post though

[ChumpDumper]

This is what happens when you let Government into Private Business. CEO's of large corporations across the United States are probably getting ulcers about now.

Should he have kept his job after losing $70 billion in the past two years and destroying 90% of the company's stock value in the past year?

Yes or no.

If yes, please explain.

[Viva Las Espuelas]

Should he have kept his job after losing $70 billion in the past two years and destroying 90% of the company's stock value in the past year?

Yes or no.

If yes, please explain.

i really don't think he was saying that because he should've kept his job.

[Blake]

Should he have kept his job after losing $70 billion in the past two years and destroying 90% of the company's stock value in the past year?

Yes or no.

If yes, please explain.

no....

too bad it was the White House that had to be the one to tell him to go.

[Crookshanks]

There were changes that needed to be made years ago and they should've stopped bowing down to the Unions LONG ago. I'm not saying that maybe he should've resigned, I'm saying it's very disturbing that the POTUS just steps up and fires the CEO of a MAJOR corporation. NO President should have that kind of power!

And many of the problems with the auto industry stem from burdensome gov't regulations and the heavy foot of the UAW.

[ChumpDumper]

no....

too bad it was the White House that had to be the one to tell him to go.

I would think that if the board at GM had a clue, they would have fired him after the first $30 billion annual loss, instead of keeping him on after two.

[ChumpDumper]

There were changes that needed to be made years ago

Including the firing of the CEO?

If GM didn't want the government to have control over them, they shouldn't have asked the government for any money.

[Crookshanks]

Including the firing of the CEO?

If GM didn't want the government to have control over them, they shouldn't have asked the government for any money.

I agree! I was against the bailout from the very beginning!

[ChumpDumper]

I agree! I was against the bailout from the very beginning!

Too bad GM is for it.

[ChumpDumper]

It's not like this hasn't happened before. When Chrysler was bailed out, they had a new CEO and a plan. Why exactly should GM have neither?

[Viva Las Espuelas]

no....

too bad it was the White House that had to be the one to tell him to go.

yeah. i really don't know the in's and out's of this bailout, but i found it pretty odd that the president of the united states recommends that someone steps down in the private sector and makes it very public.

[ChumpDumper]

Really, what reason was there to keep him on?

[Blake]

I would think that if the board at GM had a clue, they would have fired him after the first $30 billion annual loss, instead of keeping him on after two.

since they are obviously clueless, I would hope that a clean sweep of the board would be upcoming, though I doubt it....

[ChumpDumper]

since they are obviously clueless, I would hope that a clean sweep of the board would be upcoming, though I doubt it....

From the linked article above:

GM board member Kent Kresa, a former chairman and CEO of Northrop Grumman Corp., was named interim chairman and said new directors will make up the majority of GM's board when a new slate is nominated for election at the company's annual meeting in August.

They should probably push the board appointments up before someone does it for them.

[LnGrrrR]

There were changes that needed to be made years ago and they should've stopped bowing down to the Unions LONG ago. I'm not saying that maybe he should've resigned, I'm saying it's very disturbing that the POTUS just steps up and fires the CEO of a MAJOR corporation. NO President should have that kind of power!

And many of the problems with the auto industry stem from burdensome gov't regulations and the heavy foot of the UAW.

He didn't. He requested that the CEO resign. He did.

There's a difference.

[Blake]

From the linked article above:

GM board member Kent Kresa, a former chairman and CEO of Northrop Grumman Corp., was named interim chairman and said new directors will make up the majority of GM's board when a new slate is nominated for election at the company's annual meeting in August.

They should probably push the board appointments up before someone does it for them.

I didn't read the link.

Good to know.

Two days ago might have been a good day to buy a few shares of GM stock.

[ChumpDumper]

It dropped 25% today, so it still may be a buying opportunity if there is ANY good news in the future.