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AmSpecBlog
Obama Motors
Unfortunately, I'm becoming numb to things like this lately, but today's Washington Post front page headline is still rather alarming:
GM Chief to Resign at White House's Behest
This is, of course, the same issue we're confronted with whether it comes to the banks, AIG, or any other entities that are coming to Washington, hat in hand. Once taxpayer money is put on the line to save these companies, it gives the government the ability to make unprecedented interventions into the way private businesses are run. It's rather disturbing that the President of the United States is the one pressuring an executive to step down. In this case, it's hard to argue that General Motors chairman and CEO Richard Wagoner Jr. has performed well, but at the same time, Obama's reasons for dismissal seem more cosmetic than anything else. An anonymous administration official told the Post that, "We felt that having a change of leadership would be consistent with the clean-sheet approach." Whatever Wagoner's faults, it doesn't make sense to change management just for the sake of it, unless you have a replacement in mind who you think will be able to do better.
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Pingback| 3.30.09 @ 10:00AM
Obama Motors — But As For Me links to this page. Here’s an excerpt:
Pete| 3.30.09 @ 10:03AM
Think this has anything to do with the market's "hot" opening this morning?
JP| 3.30.09 @ 12:14PM
Perahps they can find a distinguished retired CEO who is loved both on Wall St and K Street. This CEO, of course, will be required to work long hours, and will have the future of hundreds of thousands if not millions of workers riding on his every decision. He will also have the respnsibility of somehow getting that Big Auto monkey off the taxpayers back, placating Car Czar Pelosi, and getting the UAW to re-write how retiree health and pension plans are paid out. He must also do this without the benefit of flying in a private jet. I doubt that he will even be allowed to fly coach. Hell, Congress will probably demand that he drive a Volt cross-country when he visits suppliers and assembly plants.
Somewhere out there is some alutristic middle aged retired can-do guy willing to work for $1 a year. Perhaps Obama could at least find $500,000 and at least pay the man a retention bonus...
.
Maybe it would be just as well to use CareerBuilder.
Bob| 3.30.09 @ 2:32PM
Philip, we don't know what occurred in the background. Listening to the auto analysts this morning, I heard that Wagoner was unwilling to pressure the bond holders and dealers to get a better deal. The word on the street is that even though his replacement has been at GM for a long time, he had no such problem. The fact is that a new leader from the outside is needed at GM just as Ford did a couple of years ago. They will go through a prepackaged bankruptcy as they need to reduce the number of brands to 2-3 for their size. Most likely those will be Chevy, Cadillac, and possibly Buick. The guy just named as CEO is temporary in my judgment.
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