General Motors Chairman and CEO Rick Wagoner was asked to step down over the weekend.
The record-high unemployment rate is only expected to keep climbing in coming months, and many Americans who haven’t already lost their jobs are petrified of what the future may bring. But no matter what happens, you can breathe a sigh of relief knowing you’re not “the guy President Obama fired.” Surely, 2009 has not been a major highlight in the life of General Motors Chairman and CEO Rick Wagoner, who was asked to step down by (horror of all horrors) the White House over the weekend. You’ve got to feel somewhat sorry for the guy who just couldn’t hold his company together when everything around it has been falling to pieces as well.
The president wants the auto industry to “fundamentally restructure” itself (apparently from the top down) before more taxpayer money is spent trying to save the troubled “big three.” I think we can all agree that the viability of GM, Ford and Chrysler must be somewhat ascertained before we pump any more money into these failing companies. And Obama really means business. In addition to rejecting the industry’s fix-it plans, the president raised the possibility of “quick” bankruptcies for GM and Chrysler. He even went as far as offering to have the government buy back new-car warranties in the event that the companies go under. I’m glad to see the president making tough – yet very wise – decisions regarding the allocation of stimulus money, but it’s sad to see such iconic companies on governmental life-support. It’s even more upsetting (for so many workers across the country) to know that we’re about to pull the plug.
