September 09, 2009

Obama Fires Another Auto Executive

GM and Chrysler better beware of what they say to anyone in the coming years, because if Obama doesn't like what you say Obama will make sure you get fired.

General Motors Co. Chief Financial Officer Ray Young is expected to leave the automaker in coming weeks as part of a shake-up of the company's finance department, sources familiar with the situation said Tuesday.

Members of the Obama administration's auto task force, led by Ron Bloom, briefed the board last month, and have raised questions about the performance of Young and the finance department as a whole.

The Obama auto task force had issues with Young and GM's finance team over the last six months. In at least one instance, the task force took Young to task over a June 2 interview, a government official said.

Obama's is showing his hand a little early, he wants the executives of GM to bend to his will and he will replace those that won't.

Young is not the only GM executive being scrutinized.

The task force also raised the issue of revamping GM management.

Government Motors is becoming more true.

Posted by Quality Weenie at September 9, 2009 11:34 AM

Ugh. I have a headache.

Posted by: Pam at September 9, 2009 02:36 PM

I hope the next industry the Obama vultures have their eyes on has companies with BODs and executives that have the courage to say something like we don't need you and you have no constitutional authority to try to push us around.

It is kind of amusing, though, all the millions of dollars GM has sent to Washington, via lobbyists and direct political donations, this is what they got. A fast train to abandoned factories, empty showrooms and stock certificates suitable only for framing because they are worth nothing. Kind of like those famed GM pensions, soon worth nothing because the company has been ground into the dust.

I do not say this gladly, I've run around in a lot of GM iron, both professionally and with my family.

Posted by: Peter at September 9, 2009 07:17 PM