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. :mad:

http://www.freep.com/article/2009032...31-year+career

They gonna put MC Hammer as CEO, he got the "right" credentials :2 cents:

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!

Splum.. they are asking for billions of our tax dollars.. so can't the government set some conditions for that money?

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.

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.

well the president can make workers go back to work... refer to ups strike

but this is first I heard of firing

fuck yeah!

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

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.

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.

bottom line though... our kids will pay the highest taxes you have ever seen!!

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.

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.

It sure has the appearance that another of our industries is being nationalized.
The march towards socialism continues. :2 cents:

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. :1orglaugh:1orglaugh:1orglaugh

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.

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...

Im sure he allready planned to go.

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.

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.

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.

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.:2 cents::2 cents:

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 :thumbsup

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?

How do you know I DONT work for the government? :2 cents:

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.

Because I work for the gov and I would know if you did too :winkwink:

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!

Quoted for truth and sadness for my country.

Whatever happen, we're going to get fucked anyway.

Fuck GM.

And when they come for Wildcash whose head should we cut off?

Try reading up on "jawboning" before you spew.

Hmmmmm?

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

If that's what it would have taken to make GM profitable, he should have done it. That's his job. ?

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

WildCash isn't begging for your tax dollars. They're running a tighter ship than GM.

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

Ask the unions and liberal groups that question.

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.

You are a bit scruffy perhaps this will help.

Right...because I point out what has been a historical power of a strong President during a crisis, I'm a socialist pig. :321GFY

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.

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. :321GFY

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.

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: