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30-03-2009, 10:29 AM | #1 | ||
FF.Com.Au Hardcore
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General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more. Wagoner's departure indicates that more management changes may be part of the deal. Wagoner, 56, has repeatedly said he felt it was better for the company if he led it through the crisis, but he has faced sharp criticism on Capitol Hill for what many lawmakers regard as years of missteps, mistakes and arrogance by the Big Three automakers. Wagoner joined GM in 1977, serving in several capacities in the U.S., Brazil and Europe. He became president and chief executive in 2000 and has served as chairman and CEO since May 2003. Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. In an interview with CBS' "Face the Nation" broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government. "They're not there yet," he said. A person familiar with Obama's plans said last week they would go deeper than what the Bush administration demanded when it approved the initial loans last year. Wagoner, in an interview with The Associated Press in December, had declined to speculate on suggestions from some members of Congress that GM's leadership team should step down as part of any rescue package. "I'm doing what I do because it adds a lot of value to the company," Wagoner said in a Dec. 4 interview as GM sought federal aid from the Bush administration. "It's not clear to me that experience in this industry should be viewed as a negative but I'm going to do what's right for the company and I'll do it in consultation with the (GM) board (of directors)." Wagoner has been credited by auto industry analysts with doing more to restructure the giant, bureaucratic automaker than any other executive. But given that he has been at GM's helm for so long, many of his critics say he moved far too slowly to take on the United Auto Workers and shrink the company as its market share tumbled. While GM has improved its cars in the last two years, critics say the company relied for too long on sales of pickup trucks and sport utility vehicles for its profits and was unprepared for a drastic market shift when gasoline prices hit $4 per gallon last year. During the Congressional debate over whether to give GM and Chrysler loans last year, many lawmakers criticized Wagoner, including Sen. Chris Dodd, D-Conn., chairman of the Banking Committee. He accused automakers' top management of having a "head-in-the-sand" approach to problems and said Wagoner "has to move on" as part of a government-run restructuring that should be a condition of financial life support for the auto industry. ___
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30-03-2009, 10:45 AM | #2 | ||
Render unto Caesar
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GM and Chrysler do need a re structure but I don't think the Government should have any right to sack a CEO. That should be up to the board members and shareholders.
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30-03-2009, 10:47 AM | #3 | ||
FF.Com.Au Hardcore
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What sort of implications will this have on GMH here in aus
it doesn't sound to promising it could lead to the end of Holden here. just my 2c worth Jason
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no longer have a ford but a ford man at heart R.I.P 98 EL MAY YOU HAVE A GOOD LIFE IN FALCON HEAVEN [SIGPIC][/SIGPIC]
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30-03-2009, 10:54 AM | #4 | |||
Viper FG XR6 Turbo
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30-03-2009, 11:00 AM | #5 | ||
Got Ghia?
Join Date: Jul 2006
Location: Perth
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They aren't 'sacking' him as such. They are offering a choice, continue as is - or - if you want money from us then get rid of that guy and we will give it to you.
The decision is made by GM and its board. Fair enough call. |
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30-03-2009, 11:01 AM | #6 | |||
FF.Com.Au Hardcore
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30-03-2009, 11:02 AM | #7 | |||
FF.Com.Au Hardcore
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30-03-2009, 11:24 AM | #8 | ||
Move, I'm trying to SPEED
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The government lives off my taxes... can i sack Kevin??
Jokes, Obama doing the right thing again and not afraid to do the hard work...
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Owner of Winter White BF XR8 2006 Model Difilippo & X-Force Exhaust, BPR CAI and CV Performance Custom tune. ZF Auto 238.5 RWKW "A careful driver is one who honks his horn when he goes through a red light." :evil3:
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30-03-2009, 11:41 AM | #9 | |||
Render unto Caesar
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Rick should have went long time a go but I don't agree the President with little or no understanding of the industry should be able to do that. Might GM become the new British Leyland?
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"Aliens might be surprised to learn that in a cosmos with limitless starlight, humans kill for energy sources buried in sand." - Neil deGrasse Tyson |
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30-03-2009, 11:46 AM | #10 | |||
FORMERLY TX3DUDE
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Notice how ford isnt mentioned other than the implied "Big Three"
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30-03-2009, 11:55 AM | #11 | |||
IWCMOGTVM Club Supporter
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Daniel |
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30-03-2009, 12:12 PM | #12 | |||
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I think at this stage "$17.4 billion in government aid and have requested $21.6 billion more." makes the man in the white house and the rest of the US population, a pretty big shareholder. Heads should roll, literary, in all their greedy institutions!
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30-03-2009, 12:13 PM | #13 | |||
Bear with a sore head
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30-03-2009, 12:32 PM | #14 | ||
FF.Com.Au Hardcore
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Will it be 4 or 8 more years of socialism?
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30-03-2009, 12:38 PM | #15 | ||
I am Groot
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If he does go, i would be interested to see how much the "Golden Handshake" is worth....
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30-03-2009, 01:16 PM | #16 | |||
FF.Com.Au Hardcore
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I am against bailouts. Period. But if the government is going to be susidising these companies that would otherwise fail yes, they should call the shots and they should get rid of a lot more of the CEOs if they are the ones that presided over the actions that lead to this. Only problem with this is that govts are notoriously BAD at running businesses, thus we have capitalism, thus I don't believe in the bailouts. Let them fall, I say. |
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30-03-2009, 01:32 PM | #17 | |||
FF.Com.Au Hardcore
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It names Chrysler and GM and states how they're dependent on dole money from the government. Public perception is everything in the automotive world. To mention Ford in an article that basically alludes to the fact that the US' motor industry is up the creek without a paddle may potentially lead people further away from these companies. It's known fact now that Ford is managing their own affairs, and not dependent on the US government to stay alive. Just my observation anyhow.
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30-03-2009, 01:38 PM | #18 | |||
FF.Com.Au Hardcore
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30-03-2009, 01:39 PM | #19 | |||
FF.Com.Au Hardcore
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What he said....
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30-03-2009, 01:47 PM | #20 | ||
FF.Com.Au Hardcore
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[QUOTE=Wretched]Does that set a precedence for the other companies asking for bailouts?
Rick should have went long time a go but I don't agree the President with little or no understanding of the industry should be able to do that. QUOTE] I think so.....If you owned a business, and were in the CEO/MD role and fell on hard times and came to me for financial support (otherwise failure imminent) I'd support you provided that (1) I saw your business had a promising future and (2) I had a 51% equity stake in your business including board voting rights. If you stuffed up I'd exercise my voting rights to fire you and get a good manager in your place to protect my investment. Irrelevant whether I know the industry your business is in or not...My new manager will look after all that operational stuff for me once you're gone.
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30-03-2009, 02:11 PM | #21 | |||
Donating Member
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I laugh whenever I hear American's crying "Socialist", "Left winger", etc. It's a pity many over there can't see the positives that "some" government "help" (eg: Healthcare) would do for the average middle class American. |
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30-03-2009, 02:24 PM | #22 | |||
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30-03-2009, 02:30 PM | #23 | ||
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Sure, I don't think EVERY Obama policy is a bad one, but I do think he wants too much control on things. Kind of like a dictator. Only now, the lines seem to be blurring between a dictator and a conservative republican.
The thing about the American car companies, that people forget, is they are not very efficient, but they employ a heck of a lot more people than overseas competitors, which sell less cars, but keep expenses down by having fewer brands and employing less people. Eg. Toyota has less than 2000 dealers, Ford has 4000, and GM, having 7 brands, has about 7000 dealerships... then the marketing and management staff and budget to operate 7 different brands, plus everyone else. GM relied on a lot of sales to make that work, but many people benefited from it. With today's economy, GM has to cut back on jobs and consolidate brands. But even that transition costs a lot of money. GM spent over $1Billion just closing Oldsmobile. Obama can't just be a Donald Trump and fire every CEO to fix these problems. Next, Obama will be designing the cars, naming them, and arranging the production specs. So, this isn't about Healthcare, it's about governments doing what they should be doing, by assisting, but not controlling. In healthcare terms, it would be like Obama prescribing you medications to take, which doctor you must see, etc etc... |
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30-03-2009, 02:36 PM | #24 | ||
XP Coupe
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Wagoner gone = about bleeding time.
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30-03-2009, 02:37 PM | #25 | |||
Donating Member
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If GM and Chrysler Fail, watch the fall out !! BTW: Obama has "people" that give him the options to consider, he rubber stamps the ones that are pushed forward as the best ones.... The Obama Conspiracy hey ? I think you're a believer in that....... |
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30-03-2009, 02:42 PM | #26 | ||
_Oo===oO_
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Im glad Ford weren't mentioned (negatively) in the article, but it would've been nice to read that the company is manging its own affairs, rather than depending on the govt.
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30-03-2009, 02:58 PM | #27 | |||
FF.Com.Au Hardcore
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One thing's for sure, he's already killing the aviation industry. |
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30-03-2009, 03:32 PM | #28 | ||
XP Coupe
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The fact is, that GM and the USA for that matter has been running itself into the ground for too long, trying to make a profit in me too business'.
Obama has inherited a poisoned chalice, but that also gives him plenty of room to move America out of loungeroom and back into the game. Nothing gets the pulses raising harder than blood on the boardroom table. You can blame the smarty pants who ignored Napolean's warning about China:- "Let her sleep, for when she wakes she will shake the world" |
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30-03-2009, 04:03 PM | #29 | |||
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30-03-2009, 08:22 PM | #30 | |||
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