GM CEO resigns at Obama's behest

[I AM NOT THAT GUY 5,715]

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed.... end of story.

Trying to find controversy when there is none is just being petty.

GM officials declined to comment.

Coming up: UAW President Ron Gettelfinger asked to resign...NOT!

Does he fly around in his own private jet?

Nope:

Gettelfinger doesn't come off as a stereotypical union boss, either. A trim 62-year-old, he doesn't travel with an entourage, and he brings his wife, Judy, to out-of-town meetings. Instead of being chauffeured about, he drives himself.

"I think he's different than most autoworkers, including myself," says Douglas Fraser, a former union president who has known Gettelfinger since the 1980s. "He doesn't drink. He doesn't smoke. His lifestyle is much stricter."

http://www.npr.org/templates/story/story.p...toryId=12099085

the part about gettlefinger flying in his own jet is uaw isnt hurting. gm is the one hurting. two different organizations. so if gettlefinger wants to fly in his own jet he is able since the uaw is not close to bankruptcy.

Gettlefinger has his own jet?

[britbird 4]

I want my own jet.

Naw, actually a helicopter. It's hard to land a jet at my office.

[NickD 203]

George Richard "Rick" Wagoner, Jr. is a bean counter from the word go. Doesn't know sh!t about automotive design, and did a very good job of scamming the investors of both Delco and Delphi that were once part of the GM organization. Also scammed Canada in favor of China, under him the quality of GM products have gone to hell.

DRSF, design reserve safety factor, like using a hundred pound rope to lift a hundred pound weight is unity, he pushed for using a rope of 90 pounds based on statistics to save on money and practically all the once well engineered components are throwaway. Responsible for laying off thousands, his only practiced word is greed.

In my opinion, shouldn't just step aside, but be forced to give back the millions he stole from GM and locked up in jail. He really screwed up that company.

[Trompe le Monde 1,107]

If the government is bailing them out, the government has the right to demand changes. If they don't want government intrusion, they are welcome to not accept government money.

Exactly.

Yes, but the can only take back the bonuses from bankers bailed out with TARP money when they pry them from their cold, dead hands!

Obama's Wall Street ties are more than a little troubling. Geithner is the problem, he needs to go.

Edited March 30, 2009 by rkl57

[Craneman 2]

GM failed years ago, give them more money and they will be back in 3 months.

Time to reorganize and redo contracts, Chapter 11 is a better route.

[AlHayatZween 2]

"He doesn't drink. He doesn't smoke. His lifestyle is much stricter."

where do i sign up for the drinking and smoking union?

[I AM NOT THAT GUY 5,715]

GOVERNMENT WARRANTY

It is my hope that the steps I am announcing today will go a long way towards answering many of the questions people may have about the future of GM and Chrysler. But just in case there are still nagging doubts, let me say it as plainly as I can -- if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe.

In fact, it will be safer than it's ever been. Because starting today, the United States government will stand behind your warrantee.

http://uk.news.yahoo.com/22/20090330/tbs-u...sb-03c9bed.html

America! We are your car company!

[Ban Hammer 14,297]

GOVERNMENT WARRANTY

It is my hope that the steps I am announcing today will go a long way towards answering many of the questions people may have about the future of GM and Chrysler. But just in case there are still nagging doubts, let me say it as plainly as I can -- if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe.

In fact, it will be safer than it's ever been. Because starting today, the United States government will stand behind your warrantee.

http://uk.news.yahoo.com/22/20090330/tbs-u...sb-03c9bed.html

America! We are your car company!

and now if you don't buy america, it's treason!

[fozzie 41]

GM failed years ago,

[fozzie 41]

If the government is bailing them out, the government has the right to demand changes. If they don't want government intrusion, they are welcome to not accept government money.

Exactly.

Yes, but the can only take back the bonuses from bankers bailed out with TARP money when they pry them from their cold, dead hands!

Obama's Wall Street ties are more than a little troubling. Geithner is the problem, he needs to go.

From what I understood about those AIG bonuses was that they were in lieu of payment for the previous 12 months. IE the sums touted included many individuals who were not responsible for the disatser that is AIG. Why should they give their bonus (salary) back? Thats like asking the mail man to repay his years salary because his compnay is run by a bunch of douche bags.

[Trompe le Monde 1,107]

If the government is bailing them out, the government has the right to demand changes. If they don't want government intrusion, they are welcome to not accept government money.

Exactly.

Yes, but the can only take back the bonuses from bankers bailed out with TARP money when they pry them from their cold, dead hands!

Obama's Wall Street ties are more than a little troubling. Geithner is the problem, he needs to go.

From what I understood about those AIG bonuses was that they were in lieu of payment for the previous 12 months. IE the sums touted included many individuals who were not responsible for the disatser that is AIG. Why should they give their bonus (salary) back? Thats like asking the mail man to repay his years salary because his compnay is run by a bunch of douche bags.

They have received their base but they consider consider bonuses "salary" as they are contractual (which is part of the reason we are in this mess)

[EstebanTrabajos 7]

The most shocking is that they gave $20M to the guy as a retirement from a bankrupt company,

OOOONLY in the US

That'll be the day when they fire me after being the head of a company that has lost thousands of dollars and besides that they pay me to fire me

[*Robert* 2]

If the government is bailing them out, the government has the right to demand changes. If they don't want government intrusion, they are welcome to not accept government money.

Exactly.

Yes, but the can only take back the bonuses from bankers bailed out with TARP money when they pry them from their cold, dead hands!

Obama's Wall Street ties are more than a little troubling. Geithner is the problem, he needs to go.

Pshaw!!!

Though I don't think is is a good precident for the Govt to be directing these companies how to run their business, in the case of GM, it was the CEO that run the company into the ground, so why the hell you want to hand him even more money to piss down the toilet?

I'm glad the guy stepped down. Question now is... how much money is he walking away with?

[Trompe le Monde 1,107]

If the government is bailing them out, the government has the right to demand changes. If they don't want government intrusion, they are welcome to not accept government money.

Exactly.

Yes, but the can only take back the bonuses from bankers bailed out with TARP money when they pry them from their cold, dead hands!

Obama's Wall Street ties are more than a little troubling. Geithner is the problem, he needs to go.

Pshaw!!!

Though I don't think is is a good precident for the Govt to be directing these companies how to run their business, in the case of GM, it was the CEO that run the company into the ground, so why the hell you want to hand him even more money to piss down the toilet?

I'm glad the guy stepped down. Question now is... how much money is he walking away with?

I think you are missing my point. The CEO of the banks also ran their companies into the ground, yet we are still sending them money to piss down the toilet. Geithner and Summers are too cozy with the Wall Street establishment to apply the same standards to the banks that apply to GM.

[I'm Gone 60]

This is a perfect example of why some governors did not want stimulus money. You take the government's money you are their b!tch.

Edited March 30, 2009 by I Quit