March 30, 2009

Obama Forces CEO To Resign

Obama forced GM's CEO Rick Wagoner to resign, funny I don't see Obama or his administration forcing banking CEO's to resign.

The Obama administration will take a much more hands-on role in the restructuring of General Motors Corp. and Chrysler LLC, providing both with short-term aid but insisting on and overseeing immediate dramatic changes.

That alone should scare the living hell out of everyone alive, it's the beginning of an attempt to nationalize private busiesses.

Chrysler is good as gone and it looks like the Obama administration is trying to push it that way also.

But it warned that if Chrysler and Fiat cannot come to terms on a partnership, the Auburn Hills automaker would not get any more taxpayer money -- a move that would likely force the company's liquidation.

The Obama administration is also screwing with GM's Board of Directors.

At GM, the Obama auto team forced out CEO Rick Wagoner, and named GM board member Kent Kresa as interim chairman and GM Chief Operating Officer Fritz Henderson interim chief executive officer. The task force also disclosed that the automaker planned to replace a majority of its board of directors in the coming months. The Obama auto team said it would give GM unspecified working capital for 60 days as the automaker continues to restructure.

But most of all, I think the Obama administration is really wanting to restructure the domestic automotive industry into what they feel they should be ..

"And that's going to mean a set of sacrifices from all parties -- management, labor, shareholders, creditors, suppliers, dealers," Obama said. "Everybody's going to have to come to the table."

Guess those that voted for Obama are getting exactly what Obama promised, Hope and Change.

Posted by Quality Weenie at March 30, 2009 10:13 AM | TrackBack