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.
Detroit-based GM issued a statement Sunday saying only that the company expects a decision by the administration soon but that "it would not be appropriate for us to speculate on the content of any announcement."
A person familiar with Chrysler's management said the company has been given no indication that the government will require any changes at the Auburn Hills, Mich., company.
Wagoner's departure indicates that more management changes may be part of the deal, but it is still unclear who will be put in charge of GM.
On Monday, Obama is to announce measures to restructure GM and Chrysler LLC in exchange for additional government loans.
This is scary stuff folks, make no mistake about it. What is happening to our country before our very eyes is a slow evolution toward a socialist republic where the government owns everything and controls your salary and you employment as well as your employer.
This is just the tip of the iceberg. The government is using the federal bailout funds as an excuse to control private enterprise. Once they gain control of the banks we will be pretty much all done with capitalism, at least as we know it.
Treasury Secretary Timothy Geithner has already made a statement that "the market will not solve this" while disclosing a bailout fund for battered banks has $135 billion left and might need more.
Last week he said he would consider a suggestion by China to move to a universal currency.
I told people this on my show when President Bush was looking to bailout Wall Street, the dangers that this posed to our country. By allowing the government to bail out these firms we ran the risk of the government being able to obtain more control over the firms and to almost become involved in the day to day operations.
Wake up people, under Obama, it is actually coming to fruition, and quicker than I thought it would.