So the big news today is that Rick Wagoner (CEO of General Motors) is going to “step down” at the request of the White House.
Meanwhile, plenty of other GM workers are losing their jobs, courtesy of not-quite-a-bankruptcy and government intervention.
GM has already received $13.4 billion in government loans and Chrysler has survived on $4 billion in federal aid. … In progress reports filed with the government in February, GM asked for $16.6 billion more and Chrysler wanted $5 billion more.
Chrysler is owned by Cerburus Capital Management … the gummint is not helping Chrysler, it is bailing out yet another investment firm! But I guess that’s ok; it’s a “bridge loan” until they sell out to Fiat.
ANYway … Wagoner has been in charge of GM during big profits and record losses. Congress needs sacrificial lambs so that the public will ignore the part they had in all these failures (e.g., Sheila Jackson-Lee, highest paid Congressperson by Enron; Chris Dodd, highest paid Congressperson by AIG), particularly in supporting GM’s unions all these years.
But I would be very wary of whatever political hacks get appointed to take over GM or serve on the Boards of Directors of our troubled companies. If the gummint can fire a CEO, they can fire you!