Obama forces GM CEO resignation

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  • Splum
    Confirmed User
    • May 2003
    • 6195
    #1

    Obama forces GM CEO resignation

    What the fuck is going on in this country when the President of the United States can FORCE a CEO of a company to resign? I mean the guy did nothing illegal, he may have been a poor CEO or mad bad decisions but last time I checked this wasnt a communist nation.

    http://www.freep.com/article/2009032...31-year+career
    Tags: None
    • David!
      By the wrath of Agamemnon
      • Apr 2004
      • 6501
      #2
      They gonna put MC Hammer as CEO, he got the "right" credentials
      .

        Comment

        • Iron Fist
          Too lazy to set a custom title
          • Dec 2006
          • 23400
          #3
          When Joe Public owns your ass, well, I guess he can do what he wants.. and firing the CEO is one of those things I guess!

          Keep going Obama! Get em all!
          i like waffles

            Comment

            • cybermike
              Confirmed User
              • Jan 2002
              • 4123
              #4
              Splum.. they are asking for billions of our tax dollars.. so can't the government set some conditions for that money?
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                Comment

                • SomeCreep
                  :glugglug
                  • Mar 2003
                  • 26118
                  #5
                  Rick Wagoner had his chance. Under his leadership, GM lost billions of dollars in market cap. GM needs someone who can successfully downsize the company to a level that is realistic with US demand for automobiles.

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                    Comment

                    • Splum
                      Confirmed User
                      • May 2003
                      • 6195
                      #6
                      Originally posted by sharphead
                      When Joe Public owns your ass, well, I guess he can do what he wants.. and firing the CEO is one of those things I guess! Keep going Obama! Get em all!
                      What are you talking about, GM is a publicly traded company. The government LOANED GM money they didnt BUY stock. You want to know the real reason? Because STOCKS normally go UP when a CEO resigns which gives the company more money AND Im sure some of Obamas friends will make a nice nickel when they sell their shares tomorrow.

                        Comment

                        • USUALENT
                          Confirmed User
                          • Feb 2009
                          • 1888
                          #7
                          well the president can make workers go back to work... refer to ups strike

                          but this is first I heard of firing



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                            Comment

                            • INever
                              Confirmed User
                              • Jan 2005
                              • 4028
                              #8
                              fuck yeah!

                              But I'm sure Wagoner's retirement will be awesome (private jet, mansion(s), harem, daily massages, vintage wine, etc)....
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                                Comment

                                • Splum
                                  Confirmed User
                                  • May 2003
                                  • 6195
                                  #9
                                  Originally posted by SomeCreep
                                  Rick Wagoner had his chance. Under his leadership, GM lost billions of dollars in market cap. GM needs someone who can successfully downsize the company to a level that is realistic with US demand for automobiles.
                                  You dont get it do you, THE PRESIDENT OF THE UNITED STATES OF AMERICA DEMANDED A PRIVATE CITIZEN LEAVE A PUBLICLY TRADED COMPANY. Are you willing to die for this President? Better ask yourself that seriously because its a real possibility.

                                    Comment

                                    • Sly
                                      Let's do some business!
                                      • Sep 2004
                                      • 31380
                                      #10
                                      If the government hadn't bailed him out, he would have been gone anyway.

                                      Maybe these CEOs should be kicked out at the onset of any bailout request... would that keep all of this begging to a minimum?

                                      I don't believe in the government telling businesses how to run their management... but I don't believe in the government giving shitty businesses money to keep running their shitty company either.
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                                        • Splum
                                          Confirmed User
                                          • May 2003
                                          • 6195
                                          #11
                                          Originally posted by Sly
                                          If the government hadn't bailed him out, he would have been gone anyway. Maybe these CEOs should be kicked out at the onset of any bailout request... would that keep all of this begging to a minimum? I don't believe in the government telling businesses how to run their management... but I don't believe in the government giving shitty businesses money to keep running their shitty company either.
                                          Its a fucking smoke screen and favors anyways, you think Obama is doing this for OUR benefit? I hope they dont come for your business and try to determine what is right for you.

                                            Comment

                                            • mmcfadden
                                              So Fucking Banned
                                              • Oct 2008
                                              • 5099
                                              #12
                                              bottom line though... our kids will pay the highest taxes you have ever seen!!

                                                Comment

                                                • mynameisjim
                                                  Confirmed User
                                                  • Aug 2007
                                                  • 2985
                                                  #13
                                                  Nobody knows the story. He may have offered to leave during the negotiations. This is a guy that fucks up companies and still has more money than anybody here can dream of. He clearly knows how to take care of himself first and foremost so he may see sticking with GM as a lose-lose.
                                                  jim (at) amateursconvert . com Amateurs Convert

                                                    Comment

                                                    • SomeCreep
                                                      :glugglug
                                                      • Mar 2003
                                                      • 26118
                                                      #14
                                                      Originally posted by Splum
                                                      You dont get it do you, THE PRESIDENT OF THE UNITED STATES OF AMERICA DEMANDED A PRIVATE CITIZEN LEAVE A PUBLICLY TRADED COMPANY.
                                                      It's a little more complicated than that. I'd explain it to you, but I'm pretty sure you already have your mind set on whatever you believe.

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                                                        Comment

                                                        • Helix
                                                          Confirmed User
                                                          • Feb 2002
                                                          • 6021
                                                          #15
                                                          It sure has the appearance that another of our industries is being nationalized.
                                                          The march towards socialism continues.

                                                            Comment

                                                            • Splum
                                                              Confirmed User
                                                              • May 2003
                                                              • 6195
                                                              #16
                                                              Originally posted by SomeCreep
                                                              It's a little more complicated than that. I'd explain it to you, but I'm pretty sure you already have your mind set on whatever you believe.
                                                              There is nothing complicated about it, the company should be DENIED any public taxpayer money period and allowed to fail. That is a much better solution than taking our money to give yourself and your friends more power. So let me ask you this, who do you think is better qualified to spend tax payer money.

                                                                Comment

                                                                • seven
                                                                  Confirmed User
                                                                  • Apr 2002
                                                                  • 2697
                                                                  #17
                                                                  if you asked me for a fucking loan I'd tell you to bend over and suck your own dick.. don't want to do that? go make your own fucking money! BEGGARS CAN'T BE CHOOSY! GM CEO is lucky Obama didn't want to shove their corporate jets in his ass ;)
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                                                                    Comment

                                                                    • Splum
                                                                      Confirmed User
                                                                      • May 2003
                                                                      • 6195
                                                                      #18
                                                                      Originally posted by seven
                                                                      if you asked me for a fucking loan I'd tell you to bend over and suck your own dick.. don't want to do that? go make your own fucking money! BEGGARS CAN'T BE CHOOSY! GM CEO is lucky Obama didn't want to shove their corporate jets in his ass ;)
                                                                      It isnt Obama's money.

                                                                        Comment

                                                                        • Rangermoore
                                                                          Confirmed User
                                                                          • Jan 2009
                                                                          • 1541
                                                                          #19
                                                                          For once I do agree with obama, the guy should step down as ceo. His company is asking for American tax dollars to keep going. I would fire him as well, he did a BAD job as ceo. And yes our kids will have to pay a very high price for this bailout...it's not fair. but nothing in life is...

                                                                            Comment

                                                                            • notoldschool
                                                                              Confirmed User
                                                                              • Aug 2007
                                                                              • 5687
                                                                              #20
                                                                              Im sure he allready planned to go.
                                                                              No doubt one may quote history to support any cause, as the devil quotes scripture.
                                                                              -- Learned Hand

                                                                              http://www.bjpenn.com

                                                                                Comment

                                                                                • Splum
                                                                                  Confirmed User
                                                                                  • May 2003
                                                                                  • 6195
                                                                                  #21
                                                                                  Originally posted by Rangermoore
                                                                                  For once I do agree with obama, the guy should step down as ceo. His company is asking for American tax dollars to keep going. I would fire him as well, he did a BAD job as ceo. And yes our kids will have to pay a very high price for this bailout...it's not fair. but nothing in life is...
                                                                                  Why would you give this company a loan anyways? They dont hold mortgages to homes. Allow the car companies to fail and let the free market correct itself. This is stupid no one can give me a good reason why the government is giving GM money anyways. Michigan unemployment is already in double digits, Detroit is a fucking bombed out shell of a city already, why is it going to make any difference?

                                                                                  Ill tell you why its going to make a difference, Obama doesnt want his unemployment numbers to truly reflect what is going on in this country. He wants to slow the bleeding so he can get re-elected.

                                                                                  So let me get this straight its ok that Obama is fucking your kids as long as he takes down a couple of rich people to satisfy your class warfare wishes? Sick, just sick.

                                                                                    Comment

                                                                                    • seven
                                                                                      Confirmed User
                                                                                      • Apr 2002
                                                                                      • 2697
                                                                                      #22
                                                                                      Originally posted by Splum
                                                                                      It isnt Obama's money.
                                                                                      Wow! U really got brains! U figured that out! So since it's your money why don't you just donate it to the poor poor GM CEO? Why whining dude just give it to him already!
                                                                                      Toy Rev
                                                                                      Rouge Web Design

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                                                                                        • Helix
                                                                                          Confirmed User
                                                                                          • Feb 2002
                                                                                          • 6021
                                                                                          #23

                                                                                            Comment

                                                                                            • Splum
                                                                                              Confirmed User
                                                                                              • May 2003
                                                                                              • 6195
                                                                                              #24
                                                                                              Originally posted by seven
                                                                                              Wow! U really got brains! U figured that out! So since it's your money why don't you just donate it to the poor poor GM CEO? Why whining dude just give it to him already!
                                                                                              What the fuck are you talking about dipshit I wouldnt give the guy or his company a fucking cent.

                                                                                                Comment

                                                                                                • Sausage
                                                                                                  Confirmed User
                                                                                                  • Oct 2002
                                                                                                  • 3012
                                                                                                  #25
                                                                                                  Socialism isn't all that bad, and you are already half way down the path anyway. Nothing any of you can do about it either, you are losing your rights at an alarming pace.
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                                                                                                    • SpeakEasy
                                                                                                      Confirmed User
                                                                                                      • Sep 2002
                                                                                                      • 2681
                                                                                                      #26
                                                                                                      Splum the execs of GN basically bankrupted the company all the while made themselves rich. Then the govt gave them boatloads of money to "Hopefully" stay alive, reorganize and grow to a profitable business that employees thousand and thousands of people and also creates jobs for other industries at the same time that they need by doing biz with them like steal companies, tire companies etc..... So by Obama givint GM monet other than letting them close up shop we sure as hell can fire the dead weight that caused the companies demise.
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                                                                                                        • seven
                                                                                                          Confirmed User
                                                                                                          • Apr 2002
                                                                                                          • 2697
                                                                                                          #27
                                                                                                          Originally posted by Splum
                                                                                                          What the fuck are you talking about dipshit I wouldnt give the guy or his company a fucking cent.
                                                                                                          I get it now! Because you are THE economist! You are our knight in shining armor. You are the savior. You understand much better how to get us out of recession than the stupid idiot in power! Dude, you should have told us that before the election, I would surely vote for you. Splum for the president of the U.S. of A. Yay! Dude seriously, you shouldn't waste your talent on GFY.. start marching towards D.C. already
                                                                                                          Toy Rev
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                                                                                                            • Splum
                                                                                                              Confirmed User
                                                                                                              • May 2003
                                                                                                              • 6195
                                                                                                              #28
                                                                                                              Originally posted by SpeakEasy
                                                                                                              Splum the execs of GN basically bankrupted the company all the while made themselves rich. Then the govt gave them boatloads of money to "Hopefully" stay alive, reorganize and grow to a profitable business that employees thousand and thousands of people and also creates jobs for other industries at the same time that they need by doing biz with them like steal companies, tire companies etc..... So by Obama givint GM monet other than letting them close up shop we sure as hell can fire the dead weight that caused the companies demise.
                                                                                                              You have got it all wrong, these companies didnt fail because of the leadership of a few people they failed because of their social policies towards workers and unions. You cannot be competitive when you are paying your workers 4 times as much as foreign car companies. This guy would have been burned at the stake had he suggest a 75% pay cut for GM workers. One man leaving GM is not going to save it, public money will not save it either, only shedding of jobs will save it. Why arent you mad at Obama for giving YOUR money to failed businesses?

                                                                                                                Comment

                                                                                                                • Splum
                                                                                                                  Confirmed User
                                                                                                                  • May 2003
                                                                                                                  • 6195
                                                                                                                  #29
                                                                                                                  Originally posted by seven
                                                                                                                  Dude seriously, you shouldn't waste your talent on GFY.. start marching towards D.C. already
                                                                                                                  How do you know I DONT work for the government?

                                                                                                                    Comment

                                                                                                                    • Adam_M
                                                                                                                      Confirmed User
                                                                                                                      • Mar 2006
                                                                                                                      • 3800
                                                                                                                      #30
                                                                                                                      He did a shiity job! About time someone stepped in and did what was well over due.
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                                                                                                                        • Splum
                                                                                                                          Confirmed User
                                                                                                                          • May 2003
                                                                                                                          • 6195
                                                                                                                          #31
                                                                                                                          Originally posted by Adam_WildCash
                                                                                                                          He did a shiity job! About time someone stepped in and did what was well over due.
                                                                                                                          You really think this one man is responsible for this?
                                                                                                                          http://finance.yahoo.com/echarts?s=G...urce=undefined

                                                                                                                          You cant be that ignorant.

                                                                                                                            Comment

                                                                                                                            • seven
                                                                                                                              Confirmed User
                                                                                                                              • Apr 2002
                                                                                                                              • 2697
                                                                                                                              #32
                                                                                                                              Originally posted by Splum
                                                                                                                              How do you know I DONT work for the government?
                                                                                                                              Because I work for the gov and I would know if you did too
                                                                                                                              Toy Rev
                                                                                                                              Rouge Web Design

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                                                                                                                                • Adam_M
                                                                                                                                  Confirmed User
                                                                                                                                  • Mar 2006
                                                                                                                                  • 3800
                                                                                                                                  #33
                                                                                                                                  Originally posted by Splum
                                                                                                                                  You really think this one man is responsible for this?
                                                                                                                                  http://finance.yahoo.com/echarts?s=G...urce=undefined

                                                                                                                                  You cant be that ignorant.
                                                                                                                                  No I don't think he is the only one who is responsible for totally fucking GM but cutting off the head is a good start!
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                                                                                                                                    • Splum
                                                                                                                                      Confirmed User
                                                                                                                                      • May 2003
                                                                                                                                      • 6195
                                                                                                                                      #34
                                                                                                                                      Originally posted by Sausage
                                                                                                                                      Socialism isn't all that bad, and you are already half way down the path anyway. Nothing any of you can do about it either, you are losing your rights at an alarming pace.
                                                                                                                                      Quoted for truth and sadness for my country.

                                                                                                                                        Comment

                                                                                                                                        • minddust
                                                                                                                                          Confirmed User
                                                                                                                                          • Feb 2005
                                                                                                                                          • 2438
                                                                                                                                          #35
                                                                                                                                          Whatever happen, we're going to get fucked anyway.

                                                                                                                                          Fuck GM.

                                                                                                                                            Comment

                                                                                                                                            • Splum
                                                                                                                                              Confirmed User
                                                                                                                                              • May 2003
                                                                                                                                              • 6195
                                                                                                                                              #36
                                                                                                                                              Originally posted by Adam_WildCash
                                                                                                                                              No I don't think he is the only one who is responsible for totally fucking GM but cutting off the head is a good start!
                                                                                                                                              And when they come for Wildcash whose head should we cut off?

                                                                                                                                                Comment

                                                                                                                                                • MikeSmoke
                                                                                                                                                  Confirmed User
                                                                                                                                                  • Nov 2002
                                                                                                                                                  • 3241
                                                                                                                                                  #37
                                                                                                                                                  Originally posted by Splum
                                                                                                                                                  What the fuck is going on in this country when the President of the United States can FORCE a CEO of a company to resign? I mean the guy did nothing illegal, he may have been a poor CEO or mad bad decisions but last time I checked this wasnt a communist nation.

                                                                                                                                                  http://www.freep.com/article/2009032...31-year+career
                                                                                                                                                  Try reading up on "jawboning" before you spew.

                                                                                                                                                  icq: 541-739-92

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                                                                                                                                                    • sortie
                                                                                                                                                      Confirmed User
                                                                                                                                                      • Mar 2007
                                                                                                                                                      • 7771
                                                                                                                                                      #38
                                                                                                                                                      Hmmmmm?

                                                                                                                                                      Kicking ass and taking names in defense of tax dollars.....I like it.

                                                                                                                                                        Comment

                                                                                                                                                        • Drake
                                                                                                                                                          Hello world!
                                                                                                                                                          • Mar 2003
                                                                                                                                                          • 12508
                                                                                                                                                          #39
                                                                                                                                                          Originally posted by Splum
                                                                                                                                                          This guy would have been burned at the stake had he suggest a 75% pay cut for GM workers. One man leaving GM is not going to save it, public money will not save it either, only shedding of jobs will save it.
                                                                                                                                                          If that's what it would have taken to make GM profitable, he should have done it. That's his job. ?

                                                                                                                                                            Comment

                                                                                                                                                            • Major (Tom)
                                                                                                                                                              So Fucking Banned
                                                                                                                                                              • Nov 2003
                                                                                                                                                              • 32492
                                                                                                                                                              #40
                                                                                                                                                              Originally posted by Splum
                                                                                                                                                              What the fuck is going on in this country when the President of the United States can FORCE a CEO of a company to resign? I mean the guy did nothing illegal, he may have been a poor CEO or mad bad decisions but last time I checked this wasnt a communist nation.

                                                                                                                                                              http://www.freep.com/article/2009032...31-year+career
                                                                                                                                                              I guess thats what can happen when you ask for money and get it. You are essentialy taking on a not so silent partner.
                                                                                                                                                              Duke

                                                                                                                                                                Comment

                                                                                                                                                                • Drake
                                                                                                                                                                  Hello world!
                                                                                                                                                                  • Mar 2003
                                                                                                                                                                  • 12508
                                                                                                                                                                  #41
                                                                                                                                                                  Originally posted by Splum
                                                                                                                                                                  And when they come for Wildcash whose head should we cut off?
                                                                                                                                                                  WildCash isn't begging for your tax dollars. They're running a tighter ship than GM.

                                                                                                                                                                    Comment

                                                                                                                                                                    • Splum
                                                                                                                                                                      Confirmed User
                                                                                                                                                                      • May 2003
                                                                                                                                                                      • 6195
                                                                                                                                                                      #42
                                                                                                                                                                      Originally posted by MikeSmoke
                                                                                                                                                                      Try reading up on "jawboning" before you spew.
                                                                                                                                                                      Fuck you socialist pig and your "jawboning" just another word for what you believe in isnt it? Hey bitch try reading up on "The United States Constitution" before you spew.

                                                                                                                                                                      http://www.law.cornell.edu/constitut....overview.html

                                                                                                                                                                        Comment

                                                                                                                                                                        • Splum
                                                                                                                                                                          Confirmed User
                                                                                                                                                                          • May 2003
                                                                                                                                                                          • 6195
                                                                                                                                                                          #43
                                                                                                                                                                          Originally posted by Mike33
                                                                                                                                                                          If that's what it would have taken to make GM profitable, he should have done it. That's his job. ?
                                                                                                                                                                          Ask the unions and liberal groups that question.

                                                                                                                                                                            Comment

                                                                                                                                                                            • Splum
                                                                                                                                                                              Confirmed User
                                                                                                                                                                              • May 2003
                                                                                                                                                                              • 6195
                                                                                                                                                                              #44
                                                                                                                                                                              Originally posted by DukeSkywalker
                                                                                                                                                                              I guess thats what can happen when you ask for money and get it. You are essentialy taking on a not so silent partner. Duke
                                                                                                                                                                              WE ARE THE PARTNER DUKE, not Obama. Firing Wagoner will do NOTHING it simply is a scape goat and will drive the stock price up for a day or two. Are you people all so blindly in Obama's pocket you can't see that this is wrong? This company shouldnt get ANOTHER PENNY of our money.

                                                                                                                                                                                Comment

                                                                                                                                                                                • Splum
                                                                                                                                                                                  Confirmed User
                                                                                                                                                                                  • May 2003
                                                                                                                                                                                  • 6195
                                                                                                                                                                                  #45
                                                                                                                                                                                  Originally posted by Mike33
                                                                                                                                                                                  WildCash isn't begging for your tax dollars. They're running a tighter ship than GM.
                                                                                                                                                                                  You are a bit scruffy perhaps this will help.

                                                                                                                                                                                    Comment

                                                                                                                                                                                    • MikeSmoke
                                                                                                                                                                                      Confirmed User
                                                                                                                                                                                      • Nov 2002
                                                                                                                                                                                      • 3241
                                                                                                                                                                                      #46
                                                                                                                                                                                      Originally posted by Splum
                                                                                                                                                                                      Fuck you socialist pig and your "jawboning" just another word for what you believe in isnt it? Hey bitch try reading up on "The United States Constitution" before you spew.

                                                                                                                                                                                      http://www.law.cornell.edu/constitut....overview.html
                                                                                                                                                                                      Right...because I point out what has been a historical power of a strong President during a crisis, I'm a socialist pig.

                                                                                                                                                                                      icq: 541-739-92

                                                                                                                                                                                        Comment

                                                                                                                                                                                        • Sly
                                                                                                                                                                                          Let's do some business!
                                                                                                                                                                                          • Sep 2004
                                                                                                                                                                                          • 31380
                                                                                                                                                                                          #47
                                                                                                                                                                                          Originally posted by Splum
                                                                                                                                                                                          You really think this one man is responsible for this?
                                                                                                                                                                                          http://finance.yahoo.com/echarts?s=G...urce=undefined

                                                                                                                                                                                          You cant be that ignorant.
                                                                                                                                                                                          If you are willing to concede that one man (the CEO of GM) is not responsible for all of its institutions failures, would you also be willing to state that one man (President Obama) is not solely in charge or responsible for any of this countries successes or failures?

                                                                                                                                                                                          It's never "one man". But "one man" is essentially responsible and also held accountable for anything that happens. That's how it works.
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                                                                                                                                                                                            • Splum
                                                                                                                                                                                              Confirmed User
                                                                                                                                                                                              • May 2003
                                                                                                                                                                                              • 6195
                                                                                                                                                                                              #48
                                                                                                                                                                                              Originally posted by MikeSmoke
                                                                                                                                                                                              Right...because I point out what has been a historical power of a strong President during a crisis, I'm a socialist pig.
                                                                                                                                                                                              What crisis? Oh the crisis that you cant pay your mortgage or credit card bills so you vote for a socialist president because you know he will take care of all that debt for you? Yes you are a socialist pig feeding off the money of others.

                                                                                                                                                                                                Comment

                                                                                                                                                                                                • Splum
                                                                                                                                                                                                  Confirmed User
                                                                                                                                                                                                  • May 2003
                                                                                                                                                                                                  • 6195
                                                                                                                                                                                                  #49
                                                                                                                                                                                                  Originally posted by Sly
                                                                                                                                                                                                  If you are willing to concede that one man (the CEO of GM) is not responsible for all of its institutions failures, would you also be willing to state that one man (President Obama) is not solely in charge or responsible for any of this countries successes or failures? It's never "one man". But "one man" is essentially responsible and also held accountable for anything that happens. That's how it works.
                                                                                                                                                                                                  Sure if the BOARD OF DIRECTORS wants him fired I would support that, thats what happens in companies. The problem here is that THE GOVERNMENT IS DECIDING WHO IS BEST TO RUN THIS FAILED COMPANY. This is nationalization pure and simple and you obviously support it.

                                                                                                                                                                                                    Comment

                                                                                                                                                                                                    • dyna mo
                                                                                                                                                                                                      just a fucking jerk
                                                                                                                                                                                                      • Dec 2008
                                                                                                                                                                                                      • 68345
                                                                                                                                                                                                      #50
                                                                                                                                                                                                      it's clear the OP didn't read the article and also is not educated about the history of such actions of u.s. presidents


                                                                                                                                                                                                      from the article:
                                                                                                                                                                                                      As a condition for additional government aid to GM, the Obama administration asked Wagoner to step aside, which Wagoner agreed to do today, people familiar with the plan said. Wagoner’s move, effective immediately, ends a 31-year career with GM.

                                                                                                                                                                                                      Not since President Franklin Roosevelt considered taking control of Ford Motor Co. in 1943 from a failing Henry Ford has the federal government pushed for such sway in the management of Detroit’s automakers.

                                                                                                                                                                                                        Comment

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