GM Chief Rich Wagoner asked to step down by White House

GM Chief Rich Wagoner asked to step down by White House (Full Version)

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outlier -> GM Chief Rich Wagoner asked to step down by White House (3/29/2009 5:10:17 PM)
Here is the story: Bloomberg News Should be interesting to see the consequences. Outlier

rulemylife -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 5:20:48 PM)
Mixed feelings. I really don't like to see government being involved in the private sector to the degree they can ask a manager to step down, but GM did ask the government for support.

CruelNUnsual -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 5:32:20 PM)
quote: ORIGINAL: rulemylife Mixed feelings. I really don't like to see government being involved in the private sector to the degree they can ask a manager to step down, but GM did ask the government for support. Pretty easy to see what will happen. Companies wont take bailout money, like states are turning down Federal money for unemployment. Which means that all that will be left of the "stimulus package" is spending.

DarkSteven -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 5:48:53 PM)
quote: ORIGINAL: CruelNUnsual Pretty easy to see what will happen. Companies wont take bailout money... The fascinating sequence is if a company decides to forgo bailout money because of the strings placed upon it, and then the shareholders sue because the company is acting in the interests of the management and not the shareholders in rejecting the money.

BKSir -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 5:57:05 PM)
"Wagoner has run GM since June 2000, presiding over $82 billion in losses beginning since the end of 2004, the last profitable year." And the reason they didn't can his sorry ass before this is? O.o

aravain -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 6:04:31 PM)
I gotta agree with BKSir.

Lucylastic -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 6:23:12 PM)
Its only 82 Billion BK, snot enough to get his ass canned[;)] oh and Cruel, seems repubs are taking the fed money after all...reality hits. http://politicalticker.blogs.cnn.com/2009/03/28/on-second-thought-states-take-stimulus/ "Several governors who initially voiced concerns about expanding state unemployment benefits to qualify for federal stimulus funds have decided to accept the money. Some were feeling the heat from jobless constituents, while others took comfort in learning recently from the federal Department of Labor that they could curtail eligibility later on."

TheHeretic -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 6:42:03 PM)
I wonder how big his golden parachute is. We may also find out a bit about President Obama's learning curve in whether or not that question was asked before this news got out.

outlier -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 7:00:08 PM)
Let me throw out a cynical thought for speculation. The public is tired of big businesses getting money and nobody having to give up their high paying jobs. The White House knows it needs a christian to throw to the lions to keep the masses appeased. So I checked with the website that Merc turned us on to before the election that ranks money and elections. Openscrets.org. Automotive is 34th on the list of contributors. 35% Democratic 65% Republican Securities/Invest is 3rd on the list of contributors 65% Democratic 35% Republican I am sure this has nothing to do with why all those bankers are still employed and getting bonuses but the car guy is asked to step down. After all this is not the old politics, this is change. [sm=rofl.gif] We need a tongue in cheek smiley! Outlier

Vendaval -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 8:08:26 PM)
Yes, we do. [8D]

Owner59 -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 8:12:22 PM)
So you imagine there`s a quid pro quo?lol That`s rich... With that logic,why is it that only republicans are whining(to this day) about the bonus give-back? The huge amount of wind and energy cons are spending crying over those poor poor AIG execs., would make one think the that GOP were employees of AIG. Yeah,let`s start finding distinctions among thieves,lol, by who they`ve contributed money to.That helps....lol All those rich fucks are going to do just fine.No need to lose sleep over them. Funny how cons are all upset when rich fucks have to give back bonuses or resign.And in the same breath, want unions to give back, take a pay cut or be out-lawed. Just who are the GOP representing?It`s not the little guy and slowly but surely,the working class sees this and is voting that way. The dichotomy isn`t between crooked bankers and idiot CEOs.It`s between the working stiff and rich fucks like Wagoner.

samboct -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 8:55:05 PM)
Well, can we get Madonna in to replace him? Think about it for a sec- Rick Wagoner is a quintessential car guy. He's actually probably one of the better execs GM has had- they just have major structural problems that have dogged the company for decades that have caught up with them. Some of them have been the fault of management, but a lot have to do with being unable to deal with costs outside their control. The upward spiral in health care- even if it could have been foreseen (and most people didn't see it), really didn't leave them lots of options. So if the car guy can't solve the problem, maybe the Material Girl can. Let's look at Madonna's qualifications. She's managed to turn what can charitably be described as a "limited" vocal talent, an even more limited talent as an actress, and while reasonably attractive, there are plenty of women on this board that are more so. She's not innovative either- the sexual outrageousness in public is just taking what others have done a bit further. (I'm a Blondie fan- does it show?) Nope- what she's absolutely brilliant at is cashing in on other peoples innovative ideas and taking them to the bank. She's a stunning success in business. She reinvents herself to keep her brand fresh and in the public eye (OK, fading slightly, but she's had a long run.) and has been quite open about her capitalism. But this is exactly what GM needs! They've cut their research, so they're going to have look outside the company for new products and technology, and their old business model is shot. They need someone who can reinvent the company- and the best capitalist reinventer is Madonna. So I think Rick should step down and I nominate Madonna as his successor. Sam

outlier -> RE: GM Chief Rich Wagoner asked to step down by White House (3/29/2009 10:05:22 PM)
Ok, simple things first. Thank you Vendaval for seconding my suggestion for a tongue in cheek smiley. Thank you Sambot for another demonstration of why it is needed. Owner59, Thank you for making logic the grounds for analysis. Pity you didn't use any. My cynical speculation, clearly labeled as such, was that there might be a connection between money and the actions of politicians. Apparently to you that is an unheard of concept, but it was a speculation. I will not burden you with a formal logical analysis, I will keep it simple. Your, logical response to this was to point in a completely different direction and say "What about those guys?" Logically you totally failed to address the issue. In case you do wish to logically address the issue let me give you a homework assignment first so you will be better prepared. Google this quote: "Money is the mother's milk of politics." You will find it credited to both Tip O'Neill (D) and Phil Gramm (R). Also Big Daddy Jesse Unruh of California (D). All of whom agreed that money does influence politics. It is a shame you could not have explained to them how wrong they were/are. Need that smiley again.

pahunkboy -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 5:14:54 AM)
Not to worry. The stimulus package extends unemployment

DesFIP -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 5:17:53 AM)
The bailout money is certainly higher than the 5% value of stock needed to give a seat on the board, and as such, the board has the right and responsibility to suggest it is time to change the management.

pahunkboy -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 8:00:19 AM)
quote: ORIGINAL: DesFIP The bailout money is certainly higher than the 5% value of stock needed to give a seat on the board, and as such, the board has the right and responsibility to suggest it is time to change the management. I agree. Corporate raiders dismantle corporations, shuffle the assets around. I would have refused any bail out. But the problem is more then just smith. In effect- these guys are now on the welfare rolls. The pay scale should math the pay grades the others --

CruelNUnsual -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 8:05:07 AM)
quote: ORIGINAL: Owner59 why is it that only republicans are whining(to this day) about the bonus give-back? Maybe because Republicans recognize those pesky little things called contracts and laws? A law where a Democrat demanded the insertion of the bonuses at the behest of a Democrat President? The Democrats can't say a word other than responding to public outcry by trying to tax back what they specifically granted. Fucking hypocrites. change indeed.

rulemylife -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 8:53:44 AM)
quote: ORIGINAL: CruelNUnsual quote: ORIGINAL: Owner59 why is it that only republicans are whining(to this day) about the bonus give-back? Maybe because Republicans recognize those pesky little things called contracts and laws? A law where a Democrat demanded the insertion of the bonuses at the behest of a Democrat President? The Democrats can't say a word other than responding to public outcry by trying to tax back what they specifically granted. Fucking hypocrites. change indeed. It's because they're evil. Evil I tell you, the spawn of Satan those Democrats.

CruelNUnsual -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 9:59:18 AM)
quote: ORIGINAL: rulemylife quote: ORIGINAL: CruelNUnsual quote: ORIGINAL: Owner59 why is it that only republicans are whining(to this day) about the bonus give-back? Maybe because Republicans recognize those pesky little things called contracts and laws? A law where a Democrat demanded the insertion of the bonuses at the behest of a Democrat President? The Democrats can't say a word other than responding to public outcry by trying to tax back what they specifically granted. Fucking hypocrites. change indeed. It's because they're evil. Evil I tell you, the spawn of Satan those Democrats. If you believe in evil go for it. Its actually far more mundane than that...lust for power combined with lazy thinking.

Vendaval -> RE: GM Chief Rich Wagoner asked to step down by White House (3/30/2009 12:23:58 PM)
"May you live in interesting times."

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