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#1
posted to rec.boats
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GM Chair-CEO Gets the Boot
DETROIT – 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. The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more. Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003. Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. - - - CEO's whose companies lose money year after year, whose companies fail to come up with innovative products that do not do well in the marketplace, and who depend upon taxpayer handouts should get the boot. I want to see the big national banks broken up, and a wall of separation set up between brokerage houses, banks, and insurance companies. The conglomerate financial services companies do not benefit the general public. |
#2
posted to rec.boats
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GM Chair-CEO Gets the Boot
"HK" wrote in message m... DETROIT – 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. The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more. Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003. Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. - - - CEO's whose companies lose money year after year, whose companies fail to come up with innovative products that do not do well in the marketplace, and who depend upon taxpayer handouts should get the boot. I want to see the big national banks broken up, and a wall of separation set up between brokerage houses, banks, and insurance companies. The conglomerate financial services companies do not benefit the general public. Now will see how the government can run a auto company. Guess it can't be much worse, or can it? |
#3
posted to rec.boats
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GM Chair-CEO Gets the Boot
On Mar 29, 6:22*pm, HK wrote:
DETROIT – 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. The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more. Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003. Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. - - - CEO's whose companies lose money year after year, whose companies fail to come up with innovative products that do not do well in the marketplace, and who depend upon taxpayer handouts should get the boot. I want to see the big national banks broken up, and a wall of separation set up between brokerage houses, banks, and insurance companies. The conglomerate financial services companies do not benefit the general public. At least they finally got rid of the arrogant ass. Now, if we could only lose Herring, and that idiot Loogy...... |
#4
posted to rec.boats
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GM Chair-CEO Gets the Boot
D.Duck wrote:
"HK" wrote in message m... DETROIT – 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. The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more. Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003. Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. - - - CEO's whose companies lose money year after year, whose companies fail to come up with innovative products that do not do well in the marketplace, and who depend upon taxpayer handouts should get the boot. I want to see the big national banks broken up, and a wall of separation set up between brokerage houses, banks, and insurance companies. The conglomerate financial services companies do not benefit the general public. Now will see how the government can run a auto company. Guess it can't be much worse, or can it? 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. I doubt the government will be "running" GM. |
#5
posted to rec.boats
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GM Chair-CEO Gets the Boot
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#6
posted to rec.boats
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GM Chair-CEO Gets the Boot
On Mar 29, 6:39*pm, wrote:
On Mar 29, 6:22*pm, HK wrote: DETROIT – 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. The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more. Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003. Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. - - - CEO's whose companies lose money year after year, whose companies fail to come up with innovative products that do not do well in the marketplace, and who depend upon taxpayer handouts should get the boot. I want to see the big national banks broken up, and a wall of separation set up between brokerage houses, banks, and insurance companies. The conglomerate financial services companies do not benefit the general public. At least they finally got rid of the arrogant ass. Now, if we could only lose Herring, and that idiot Loogy......- Hide quoted text - - Show quoted text - Big Gummint involved in designing motor vehicles? Google Joan Claybrook, NHTSA, and Backwards Bike. |
#7
posted to rec.boats
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GM Chair-CEO Gets the Boot
"HK" wrote in message m... D.Duck wrote: Now will see how the government can run a auto company. Guess it can't be much worse, or can it? 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. I doubt the government will be "running" GM. You missed the point of the announcement. The government now is. Eisboch |
#8
posted to rec.boats
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GM Chair-CEO Gets the Boot
"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 |
#9
posted to rec.boats
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GM Chair-CEO Gets the Boot
Eisboch wrote:
"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 |
#10
posted to rec.boats
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GM Chair-CEO Gets the Boot
HK wrote:
Eisboch wrote: "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 Whoops...hit enter too fast. I think the GM board needs to be kicked out on its ass, too. The company is run by incompetents. |
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