GM CEO Rick Wagoner Resigns

by Robert Farago

Published: March 30th, 2009

The New York Times reports that GM CEO Rick Wagoner has resigned his position with the ailing American automaker. Wagoner will tender his resignation ahead of President Obama’s statement at 11 a.m. today regarding the next round of bailout bucks for the zombie automaker. “As recently as March 18, Mr. Wagoner said in an interview that he had no indication that his job was in jeopardy because of the task force.” The PTFOA has directed that Wagoner’s hand-picked successor and current COO Fritz Henderson assume the top slot—temporarily. Word has it that Steve Rattner, the head of the Presidential Task Force on Autos, initiated Wagoner’s long-overdue defenestration. [ General Motors Death Watch below.]

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Geotpf on Mar 30, 2009
levi : March 29th, 2009 at 5:20 pm These are interesting times we are witnessing. A US President tells the CEO of a major corporation he must resign. And he does. Can’t wait for the media/corporate spins to kick in. Well, this isn't the first time this has happened-the CEO of AIG was forced out by the Bush administration. Of course, in both cases, the companies they were the head of were completely bankrupt and only survive due to government bailouts.

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Ronnie Schreiber on Mar 30, 2009
Wrong on both counts. The Federal government has always been able to tell private industry how to run their businesses (anti-trust legislation, ming law, labor law, OSHA, Federal mandates during wartime, etc). What’s new about this? None of those involve direct management of the company. They are laws that all companies must follow. As for wartime, that's constitutionally a special area and we accept, as a society restrictions on normal rights during wartime or in things materially affecting national security. I should point out that that it's a characteristic of fascism to say that things are "the moral equivalent of war" to maintain mobilization for particular agendas. The Federal government making peacetime personnel and management decisions for companies is a step towards fascism. Of course since the progressive movement and fascism are close cousins, it does not surprise me that a progressive President would act this way.

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Robert.Walter on Mar 30, 2009

I think that fascism is being confused with fiduciary responsibility... (also within the limits of authority, given to the "President's Designee", legally stipulated terms of the 4q08 loan package.) When the Fed has this much skin in the game, it should be able to do what is necessary to ensure the money will meet with a modicum of success and to try to instill a bit of confidence in the action, so that the next funding disbursement will be politically acceptable to the 60+% of people that think that the General should be allowed to sink. This also sends a signal to Wall Street CEO's that they better play ball, or they too will get a one-way ride on the Federal Ejection Seat. I'm far more comfortable with this than the bloody Wage & Price Controls mandated by the Nixon Administration ... (which helped to set the stage for the mid-70's stagflationary economy)...

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Rpn453 on Mar 30, 2009

Looks like his kids won't be going to college unless he can find another job with similar pay.

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