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View Full Version : GM CEO Wagoner Steps Down...Effective Immediately



AHeneen
03-29-2009, 05:20 PM
That's all that the Fox news website's "breaking news" banner says, no article yet. CNN, ABC, BBC, etc don't have breaking news banners or articles on this yet...will update once details are known.

Guess he got sick of trying top deal with the unions? :D

Edit: Now there's a stub of an article...

GM CEO Rick Wagoner to Step Down Immediately
Fox News (http://www.foxnews.com/story/0,2933,511338,00.html)

DETROIT — A person with knowledge of General Motors' plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.

The person asked not to be identified because Wagoner's plans have not been formally announced.

The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of $17.4 billion in federal aid.

AlmostThere
03-29-2009, 06:33 PM
That's all that the Fox news website's "breaking news" banner says, no article yet. CNN, ABC, BBC, etc don't have breaking news banners or articles on this yet...will update once details are known.

Guess he got sick of trying top deal with the unions? :D

Edit: Now there's a stub of an article...

GM CEO Rick Wagoner to Step Down Immediately
Fox News (http://www.foxnews.com/story/0,2933,511338,00.html)

DETROIT — A person with knowledge of General Motors' plans says Rick Wagoner will step down immediately as chairman and chief executive of the struggling Detroit automaker.

The person asked not to be identified because Wagoner's plans have not been formally announced.

The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans.

Both companies are living on a total of $17.4 billion in federal aid.
The opening paragraph says he's stepping down at the request of the White House.
:(:( Not for Wagoner, for us.

DETROIT — General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday.

Apocalypse
03-29-2009, 08:21 PM
DETROIT – 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.

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

PoliCon
03-29-2009, 08:31 PM
This shit is bad - VERY bad.

ironhorsedriver
03-29-2009, 09:57 PM
His Highness the Messiah said he had to go. Obama has got one hell of a God complex going.. I wonder if he was acting on advice from Court Jester Tiny Tim Geitner?

megimoo
03-29-2009, 11:09 PM
GM worker outraged that Obama forces his CEO out
http://www.cnn.com/video/#/video/business/2009/03/29/candiotti.gm.chief.to.resign.cnn

watch video at link

AHeneen
03-30-2009, 01:44 AM
GM worker outraged that Obama forces his CEO out
http://www.cnn.com/video/#/video/business/2009/03/29/candiotti.gm.chief.to.resign.cnn

watch video at link

ROTFLOL!!!!! Just a few months ago those union nuts were fanatical about teh Magic Negro! Guess the love has gone sour?

Sonnabend
03-30-2009, 08:22 AM
CEO Rick Wagoner will step down immediately at the request of the White House,

What the HELL does a politician have to do with PRIVATE enterprise? This HAS to be a violation of the Constitution.

noonwitch
03-30-2009, 08:25 AM
You feed at the government trough, you have to do what they say. The government is giving GM a ton of money, they will expect some say about who is going to be in charge of spending/investing it.


I'm curious as to what my grandpa thinks about this. He's a Ford man, has personal loyalty to the company and to the family, especially Henry Ford the founder (Grandpa is almost 97). He hated Iacoca, and always said that he stole Ford's best ideas when he went to Chrysler, then managed to make millions of crappy cars with them, anyways. He has lots of opinions on how to make the auto industry work better.

linda22003
03-30-2009, 08:29 AM
Here's an interesting tidbit, buried deep in the Washington Post article I read over breakfast this morning:

"Wagoner's resignation does not mean that he will leave the company immediately. He will continue to draw his $1 annual salary, because if he leaves the company he is entitled to a multimillion-dollar pension that the government does not want to pay, a source familiar with the matter said."

PoliCon
03-30-2009, 09:11 AM
What the HELL does a politician have to do with PRIVATE enterprise? This HAS to be a violation of the Constitution.

it is - but good luck getting anyone to do anything about it.:(

PoliCon
03-30-2009, 09:12 AM
Here's an interesting tidbit, buried deep in the Washington Post article I read over breakfast this morning:

"Wagoner's resignation does not mean that he will leave the company immediately. He will continue to draw his $1 annual salary, because if he leaves the company he is entitled to a multimillion-dollar pension that the government does not want to pay, a source familiar with the matter said."

OH I hope like hell that the do try to void his contract! And He'd best stand up and challenge it in court!:mad:

linda22003
03-30-2009, 09:56 AM
The market is none too happy this morning. Down 225 and the first half hour isn't even over yet.

AlmostThere
03-30-2009, 12:23 PM
If the President is allowed to fire the CEO of GM, who is he not allowed to fire? If Obama has the chutzpah to fire Wagoner, I doubt ANYONE is immune, bail-out or not.

I was just reading how the government is going to back car warranties for a time. When does this insanity stop?

Rebel Yell
03-30-2009, 12:32 PM
I hate to say I told you so, but........

and, believe me, I wish I was wrong.



http://www.conservativeunderground.com/forum505/showthread.php?t=5209&highlight=bailout+buyout

djones520
03-30-2009, 01:02 PM
Anyone notice the DJIA's hefty drop so far today? Anyone want to bet it has something to do with this?

linda22003
03-30-2009, 01:09 PM
I mentioned it on the previous page of the thread. The market is concerned that the auto companies might have to go into bankruptcy after all.

chief2512
03-30-2009, 04:25 PM
His Highness the Messiah said he had to go. Obama has got one hell of a God complex going.. I wonder if he was acting on advice from Court Jester Tiny Tim Geitner?
I doubt if he asked anyones opinion. he figured it out by himself from all those years as a community organizer...

gator
03-30-2009, 04:43 PM
I wonder why the government has not asked for the head of the UAW to step down?

Maybe it is the tens millions of dollars the UAW gave to the Democrats?

gator
03-30-2009, 04:51 PM
Like anyone is going to ever want to buy a product from a company that has the Democratic Party as the Board of Directors.

Buying a car made by the UAW is bad enough. Buying a car made by the UAW and managed by the Democrat Party has to be a very foolish purchase.

Rebel Yell
03-30-2009, 04:54 PM
Like anyone is going to ever want to buy a product from a company that has the Democratic Party as the Board of Directors.

Buying a car made by the UAW is bad enough. Buying a car made by the UAW and managed by the Democrat Party has to be a very foolish purchase.

I've always been a Chevy man, but that may be about to change:mad:.

gator
03-30-2009, 05:32 PM
I've always been a Chevy man, but that may be about to change:mad:.


I use to own Jeeps. I had five of them. Of the five only one was reliable. I got tired of the repairs. No more cars made by the UAW. Nowadays I have a Honda and a Toyota. Both made in America by non union employees.

Odysseus
03-30-2009, 06:14 PM
I fully expect Wagoner to set up John Galt Motors any day now...

AlmostThere
03-30-2009, 07:10 PM
I use to own Jeeps. I had five of them. Of the five only one was reliable. I got tired of the repairs. No more cars made by the UAW. Nowadays I have a Honda and a Toyota. Both made in America by non union employees.

Really? We have a 05 and an 06 Grand Cherokee. Both nice cars.

gator
03-30-2009, 07:17 PM
Really? We have a 05 and an 06 Grand Cherokee. Both nice cars.

I had a 95 Grand Cherokee and a top of the line 03 Grand Cherokee. Both caused me a lot of problems.

I also had a 87 Cherokee that was bothersome. My 95 Cherokee Sport was probably the best car I ever owned. 175K miles without any unexpected expense. My son's 01 Cherokee was also bothersome.

Will Dill
03-30-2009, 07:28 PM
Fox accused of mischaracterizing Wagoner's departure http://mediamatters.org/items/200903300017?f=h_top

scd1008
03-30-2009, 07:30 PM
I always bought 'American', what ever that means, and had great service from all vehicles.
Well Ok, the 1979 Dodge pickup sucked, but............... can't win'em all.

But who the Hell cares about Jeeps, Dodges, or Edsels for all that matters, when the country is on the Highway To Hell.

Regardless, this move just reaffirms that we are in deep, deep shit.

The Obama Express is completely out of control, we are all on the train, and it's headed for a crash of Biblical
proportion .

God save America !

scd1008
03-30-2009, 07:40 PM
Reading Media Matters is like laying in the hospital bed dying of lung cancer, and watching a documentary on the joys and benefits of cigarette smoking.

alaskamomma
03-30-2009, 07:50 PM
Reading Media Matters is like laying in the hospital bed dying of lung cancer, and watching a documentary on the joys and benefits of cigarette smoking.

I'm with you, I refuse to give MM any hits. they are really just a propaganda arm for the Democrat or Communist party, I'm not sure which..

Apocalypse
03-30-2009, 07:54 PM
Here's an interesting tidbit, buried deep in the Washington Post article I read over breakfast this morning:

"Wagoner's resignation does not mean that he will leave the company immediately. He will continue to draw his $1 annual salary, because if he leaves the company he is entitled to a multimillion-dollar pension that the government does not want to pay, a source familiar with the matter said."
Being reported more on that now. And he's laughing his way all the way to the bank!



Rick Wagoner (http://www.abcnews.go.com/Politics/Business/story?id=7206475&page=1) will leave his post as CEO of bailed-out General Motors with a $20 million retirement package, the company’s financial filings show.

Although the Treasury Department has barred GM from paying severance to Wagoner (http://www.abcnews.go.com/Business/wireStory?id=7206103) or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News.

The Obama administration asked for Wagoner to resign Sunday, as part of its restructuring of the auto industry. President Obama said this morning that forcing Wagoner out indicated it was a time for new leadership.


http://www.abcnews.go.com/Blotter/story?id=7208201&page=1

Way to go Obama.

PoliCon
03-30-2009, 10:01 PM
Being reported more on that now. And he's laughing his way all the way to the bank!


http://www.abcnews.go.com/Blotter/story?id=7208201&page=1

Way to go Obama.

They'll just try to confiscate it with taxes. :rolleyes:

Odysseus
03-31-2009, 09:47 AM
They'll just try to confiscate it with taxes. :rolleyes:

Which would be another unconstitutional bill of attainder. At this point, it's as if they're printing the Constitution on soft, perforated, absorbent rolls. :mad:

PoliCon
03-31-2009, 06:22 PM
Which would be another unconstitutional bill of attainder. At this point, it's as if they're printing the Constitution on soft, perforated, absorbent rolls. :mad:

The left has no interest in the constitution. They would be happy to see it torn up and done away with.