Update: Rick Wagoner pushed out of GM….

Update: Monday 9:00am: Market futures down…Dow 187

TOTUS to announce Auto Plan at 11:00am EST…they let Bob Nardelli keep his job can you believe that? the WOTS is that Chrysler will be filing a prepackaged bankruptcy of some sort…Nardelli was the poster child for ceo pay when he left Home Depot after mere months with mondo millions and tanked that stock before Cerberus gave him the Chrysler gig…

It’s a Hard Knock Life Baby, make that JEEP shine like the top of the Chrysler Building!!!(or Nardellis head!), I wonder if someone will cover my JEEP warranty?!

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Wow!!! This man WAS GM the past few years, he was widely viewed as the leader of the Big 3, which isn’t really fiar since Ford’s Alan Mulally is the man who pulled a miracle and kept FORD out of this Pandora’s Box that Government Help has become…

So TOTUS is announcing Rattner’s Plan manyana, and Wagoner gets dumped on Sunday night? Oh man the bond holders must be screwed…which would mean American business is screwed IMO if they screw tr

he debt holders….breaking contracts and all…I mean who is in charge of GM now? Not Rattner surely..I said dont call me shirely….lol

Courtesy of voxpopulai:

Possibly the greatest of the Brill Building classics. Someone put this up awhile back but it disappeared, so here it is again. Robert Goulet was just goofing around but Steve Allen put down rock and roll every chance he could. Well, he’s gone now and Mary Weiss is still singing. So there.

CNBC:

General Motors Chairman and CEO Rick Wagoner is stepping down as head of the embattled automaker CNBC has learned Sunday.

Wagoner’s resignation comes as the company awaits president Barack Obama’s reports on efforts to save GM and Chrysler

It is unclear if Wagoner’s resignation is one of the stipulations for the federal government to lend billions more to GM. But sources close to the talks say tough conditions will be attached to any future aid.

President Obama will update the public on the Treasury Department’s next step in helping GM and Chrysler on Monday afternoon.

A senior White House official did not deny to CNBC that the Obama administration influenced Wagoner’s departure.

Asked if the administration forced him out, the senior official replied, “‘forced’ is a little strong.”

Wagoner has served as CEO since 2000. Under his leadership, GM has steadily lost market share in North America while becoming the dominant automaker in China, where it is currently number one


March 29, 2009. Tags: , , , , , , , , , , , , , , , , , , , . Big 3, Doo Wop, Economy, Entertainment, Motown, Music, Obama Administration, Politics, Popular Culture, Uncategorized, Wall St.

2 Comments

  1. BeeAReader replied:

    As a lifelong suburban Detroit resident, I am extremely saddened to see Rick Waggoner forced out as CEO of GM. He always seemed to be willing to put his company and its workers first, and he was ever the optimist about the automotive industry he loved. I honestly believe he was working diligently to bring General Motors out of this horrible economic funk. I truly believe the federal government needs to stop “taking over” and “forcing out” leaders and companies who are sincerely laboring to turn things around. I get fearful when I think of too much government intervention in these matters. Not sure where all of this is going to lead, but you have my best wishes, Rick Waggoner! And good luck, General Motors. I’m praying for a bright future for you both! And remember—your Michigan supporters understand that the auto industry IS NOT the cause of our country’s economic woes. Politicians, instead, need to look at their own poor choices and bad economic policies.

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  2. Breaking: Rick Waggoner pushed out of GM…. replied:

    […] Original post by ginaswo […]

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