Obama fires the CEO of GM

[icumom]

Naw Tneah, these clowns are not entrepreneurs nor legit workers who came through the ranks and worked for the betterment of their nation and their wokers...they exploited and usurped their positions, and were corrupted by their power....if they worked for themselves and owned the company, of COURSE the government has no place is stating what they may earn...but they are a publicly held corporation,owned by shareholders, now going to be owned by ME and YOU with the bail out...No WAY can they have spent that company,nearly 100 years old into ruin with cars no one wants, ecologically devastating (ever check out the cancer rates in Detroit?!) to their workers and town, and have a house in Fiji!!!
I am conservative....but this move is warranted....

 

[DDRdiva]

Wagoner is getting a pension of $20 million. Poor baby.

 

[dorothyrd]

There is a report this morning that Obama thinks bankruptcy is the best answer, which IMO is right. However, this is a scary time for the average Joe and Joan worker, and we should have them in our prayers.

 

[jennifer-in-mi]

This is an interesting thread. My grandfather used to work at Ford Motor Company in Dearborn as a tool and die engineer. He used to talk about how union labor used to take advantage of the company back then. I am happy to see that Ford walked away from the government bailout funds and is taking care of their own business. Obama is only confirming what auto anaylists here in MI have been talking about already. It wasn't the President's idea. The companies need to restructure similiar to those of Japanese and of European counterparts. GM has no family influence unlike that of Ford, which the family is involved directly. Chrylser and Dodge families only serve on the board of the company.
Living here in MI, I believe that labor and that management must be willing to sacrifice equally. I could lose my job from the auto industry because my business services many auto supplier companies and our business has dropped sharply.

 

[icumom]

I agree - Labor unions exist because of cruel and inhumane enslavement of workers - my own great grandfather was crushed in the mines in Pennsylvania...working 7 days a week with afternoons on Sunday off....40 hour workweek? Thank the labor unions...but of COURSE,they are now as corrupt and exploitive as the corporations, and I have worked in better conditions in non-union corporations...but don't be fooled, conditions were good because the businesses FEARED unionization! There's a balance..

I'm happy to see the President going with what the analysts who know best are suggesting....bankruptcy is certainly a viable choice....and those executives need to be removed.

 

[LauraMax]

Well, the AIG guy didn't run the co. into the ground, but he DID approve those bonuses.

I have mixed feelings about unions. I think to some extent, esp. in the more physical jobs, they're necessary to ensure safe work conditions. But they also remove any incentive for working hard. If the person sitting next to you is gonna get the same exact raise as you regardless of job performance, what's the point of going above & beyond? I see it here every day, & it's very frustrating. We could probably get twice the work done w/half the staff if raises were performanced based.

 

[icumom]

You're right Laura....its not perfect....but the threat of organization keeps corporations honest.....the threat of corporations standing them down or sending the jobs overseas, has made some of the outrageous union demands a bit more reasonable (in industries other than auto that is!)

 

[defietz2]

Rick Wagner is really the fall guy for GM's woes. Although he certainly has a hand in the state of GM, so does the Government, who provides thousands of dollars in tax incentives to the foreign car mfg's to build plants in the U.S.

He (Rick Wagner), actually did some very good things for this company for many years, however, American car companies cant compete with the likes of Honda & Toyota largely due to greedy/corrupt labor union organizations. Who, by the way, have "bought" many a congressmen in our government. The only benefit to filing bankruptcy would be that the unions would be forced to renegotiate their contracts....most of which are ubsurd! The downside is, who wants to buy a car from a bankrupt company? People are already scared to purchase American made autos with all the bad publicity.

Its a shame to me that our government freely distributes money to the likes of AIG, with little strings attached, but is willing to let an entire American industry fail...now thats scary.