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GM Chair-CEO Gets the Boot
thunder wrote:
On Sun, 29 Mar 2009 21:34:34 -0400, Eisboch wrote: Incompetent Board or not, if this isn't handled correctly, the threatened lawsuits against the government they were worried about with the AIG bonus guys will pale in comparison to the lawsuits brought by GM stockholders. *They* own the company, not the government or the taxpayers. Chapter 11 is the vehicle (pun intended) to cleanly restructure the company. Wagoner should have been gone years ago, and bankruptcy is still on the table. Obama is trying to light a fire under GM's management, and it's about time. GM has been operating ten years behind the market. Now they have 60 days to catch up, or it's bankruptcy. Chrysler has even less time, 30 days. The Obama administration has rightly figured they can not standalone. If they can't make a deal with Fiat, they're gone. They both should have gone into chapter 11 last December. |
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