Obama Administration Pushes GM CEO Rick Wagoner Out in Exchange for Bailout Money

Well, this is breaking news coming out of Detroit and Washington, D.C. right now.  An anonymous White House official has told members of the press that the Obama administration asked General Motors Chief Executive Officer Rick Wagoner to resign, and that Wagoner agreed.  It is expected that GM’s Chief Operating Officer, Fritz Henderson, will take Wagoner’s place as CEO.

This comes as a surprise, since on March 19th, Wagoner had said that he was not planning on resigning.  This all comes the night before President Obama will reveal his plan for GM and Chrysler.

Chrysler’s CEO, Bob Nardelli, is not anticipating the same fate as Wagoner; however, Chrysler will be told to go through with a partnership with the Italian automaker Fiat within 30 days.

I’ll analyze the President’s full plan when it comes out, but already, I can tell that I’m not going to like it.  This alone is too much government intrusion.  Heck, it might not even help.  Even my liberal roommate has just said, “Let them fail.”

And the sad thing is, even after ALL of this MONEY that the government has spent on them, it still may not help.

According to the New York Times, “[T]wo senior officials, offering a preview on condition of anonymity, made clear that some form of bankruptcy – a quick, court-supervised restructuring, as they described it – could still be an option for one or both companies.”

So, we may have spent billions of dollars just to let them go into bankruptcy, something I (and many others) advocated months ago?  It’s ridiculous.  It’s absolutely ridiculous.  Folks, I have money invested in the auto industry.  I have 2,500 shares of Delphi stock.  If GM rebounds, so would Delphi, and I seek to gain tens of thousands of dollars.  But I STILL advocate for letting them fail if that’s what has to happen.  I’d rather lose my money than use taxpayer dollars to help the auto industry recover.  Additionally, if one fails, the other 2 will rebound (which is why I plan on buying some Ford stock in the near future).

We have to stop this government intrusion of the private business sector, or we’re going to find the government running everything.

Done Reporting,

Ranting Republican

4 Responses to “Obama Administration Pushes GM CEO Rick Wagoner Out in Exchange for Bailout Money”

  1. Sean Says:

    Firstly, I seem to notice a trend of “even my liberal roommate agrees” in your blog as of late. It makes perfect sense, everything that’s been happening lately has been left of left, and getting farther over by the day.

    My roomie (closet lib hiding behind the status of ‘independent’) brought this to my attention last night as I was working on something else. What he took from it? Oh, now that he’s out, that means that they’ll do better, as it must have been his fault… To which I replied that my prophecy just came true, as I said when this whole bailout business began, it’s the first step towards eventual governmental control of the big three. He looked… confused. As if he couldn’t quite grasp why this is indeed NOT a good thing…

    Your roomie sounds like he has a good head on his shoulders. Would that I could be so lucky.

  2. Reaganite Republican Says:

    I guess firing the head of General Motors must be a real coup for a power-mad narcissist like Obama- what a rush. And his Marxist-professor mentors would be SO proud-

    I’m sure his replacement Mr Fritz will be real motivated taking-on such a herculean task with the whole country looking over his shoulder, while working 15 hrs/day for a buck-a-year… then having 90% of his bonus confiscated by congress.

    And he’s the current COO, how’s that a change? This cheap symbolism, so typical of Obama, will likely do more harm than good.

    http://reaganiterepublicanresistance.blogspot.com

  3. Reaganite Republican Says:

    I guess firing the head of General Motors must be a real coup for a power-mad narcissist like Obama- what a rush. And his Marxist-professor mentors would be SO proud-

    I’m sure his replacement Mr Fritz will be real motivated taking-on such a herculean task with the whole country looking over his shoulder, while working 15 hrs/day for a buck-a-year… then having 90% of his bonus confiscated by congress.

    And he’s the current COO, how’s that a change? This cheap symbolism, so typical of Obama, will likely do more harm than good.

  4. Analysis of President Obama’s Plans for GM and Chrysler « Republican Ranting Says:

    […] Republican Ranting A blog that I post on whenever I see something that makes me want to go off on a Republican (Libertarian every once in a while) rant. I will cover stories from all over the nation and world, but I will try to cover as many stories about my home state of Michigan as I can (I’ll also talk a lot about Texas, because Texas is awesome!). Note, all times are for the Eastern time zone, daylight savings time when applicable, so stop leaving comments that it’s only noon in California and I said 3:00 P.M. « Obama Administration Pushes GM CEO Rick Wagoner Out in Exchange for Bailout Money […]

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