Politico is reporting:
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's departure is one of the remarkable strings attached to a new aid package the administration plans to offer GM.
The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.
So now the chairman and CEO no longer reports to the board of directors - or even the shareholders. The President - who's never run an organization anywhere near the size and complexity of GM - is deciding who is best to lead that company.
And it's not like Obama has such a stellar reputation with selections of people to lead agencies....
But in taking the government money, the company becomes subject to the whims of politicians, including the president.
We all knew this would happen - now my only question is: who's next?
(via Twitter: think they'll rename it Government Motors?)