GM fires CEO of 1 year Fritz Henderson..

Update: Video added of Thad McCotter R-MI who I think is great, on Cavuto tonight

4:55 pm EST: Well. If you’re an investor and that conference didnt scare you nothing will. Whitacre had what looked like a legal pad and papers, he spoke for 90 seconds, said he will take the role while they seek a new CEO, he took no questions and left.

LeBeau is noting that CNBC had an interview scheduled with Fritz tomorrow from the LA Auto Show. Also that Whitacre has mentioned several times, ‘I am not a car guy’, since being brought on as Chair. Yep. And now he is President CEO and Chair, oh goody! Talk about bizarre timing, we knew Fritz wanted to sell Opel and the Board did not, but WTH happened to make them fire Fritz tonight?

Ain’t being run by the union and the government grand?

4:15 pm EST: Breaking on CNBC now, Presser on “Significant Decisions” by the Board in 10 mins..

Update: Phil LeBeau at CNBC has scoopage:

…It is unclear whether he is stepping down on his own, or whether he was asked to resign. It’s also unclear who will take his role as CEO, but GM Chairman Ed Whitacre will serve as interim CEO, according to the Associated Press.GM said it will hold a news conference at 4:30 pm on “significant decisions” by the board. CNBC.com will carry it live. General Motors had no comment.

Ed Whitacre the man who used to run ATT that they dragged out of retirement to be Chairman. Oy!

Henderson took over for former CEO Rick Wagoner when the White House removed him from the position in March….

Think about how scary that is, “when the WH removed him form the position”. Under what possible authority did they do that? And the sooper genius economists and academics were fine with it, so now no capital will invest in American jobs. Maria Baritromo just interviewed Larry Fink and he said he expects 2% GDP in 2010, a million jobs lost in state govt and populism and unemployment anger at the mid term elections. Man oh man.

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December 1, 2009. Tags: , , , , , , , , , , , . Big 3, Economy, Finance, Jazz, Motown, Music, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

Beltway Chatter: Tim Geithner’s (*Paulson’s) plan;Obama Budget and AIG ‘bonus shock and awe’ campaign, TOTUS Spring Tour Continues ..

Krugman gives the Treasury toxic asset plan two thumbs down, he didn’t like it when Hank Paulson tried to sell it many moons ago with TARP One, neither did we, LOL…Billions later we are laughing with the tears of a taxpaying clown….

The Geithner plan has now been leaked in detail. It’s exactly the plan that was widely analyzed — and found wanting — a couple of weeks ago. The zombie ideas have won. The Obama administration is now completely wedded to the idea that there’s nothing fundamentally wrong with the financial system —

Treasury has decided that what we have is nothing but a confidence problem, which it proposes to cure by creating massive moral hazard. … And I fear that when the plan fails, as it almost surely will, the administration will have shot its bolt: it won’t be able to come back to Congress for a plan that might actually work.

Krugman  on further review of the plan:

Why was I so quick to condemn the Geithner plan? Because it’s not new; it’s just another version of an idea that keeps coming up and keeps being refuted. It’s basically a thinly disguised version of the same plan Henry Paulson announced way back in September.

Krugman today on the plan.

Sen. Gregg confirms CBO is right, (ironic no?) and says Obama Budget will bankrupt us:

(more…)

March 22, 2009. Tags: , , , , , , , , , , , , , , , . Economy, Finance, Motown, Music, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

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