"HK" wrote in message
m...


Since the taxpayers basically own GM, the chief representative of the
taxpayers should be able to tell GM's CEO that it is over. That company,
and many other corporations, need fresh blood capable of leading their
companies in new directions.



This is going to be interesting in terms of how it is handled.
I am not questioning the request for Wagner to step down, but I am
interested in how his replacement is selected.

To my knowledge (I might be wrong) the bailout money received to date was
not given in exchange for stock in GM. Basically the government money is
subordinated debt, just like a bank loan.
There's no voting rights associated with it.

"Requesting" him to step down is probably a condition for additional bailout
money.
That's perfectly legal. But for the White House (Obama) to install a new
CEO without a vote from the GM Board of Directors (and possibly a
shareholder's meeting and vote, if he is also on the board) might present
some interesting legal issues.

We'll have to see what happens.

Eisboch