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?)
4 comments:
Tick...Tick...Tick...
What is wrong with this picture?
Maggie,
The dirty little secret here is that this was probably not done at the behest of the president, but at the behest of the bureaucrats who advise the president.
Having elected officials dictate the policies and management of a private company is wrong on so many levels that it's hard to describe. Having the same policies dictated by unelected officials is simply despicable.
Maggie,
Now that's what I call either gall or chutzpah..., your call.
just one giant leap towards facism and socialism. Government control of manufacturing AND banking. Do you think anyone opposing Obama can get a loan now?
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