Obama fires the CEO of GM

[regina]

Ohama requested that the CEO of GM, Rick Wagoner resign. I am not quite sure what I think about this. Is government getting too involved in the affairs of private corporations? With all the shares that the government now owns in AIG, are we headed for a government owned country and loss of free enterprise? On the other hand AIG and GM have taken billions of tax payer dollars and we should have a say in how they are run.

It seems that GM is getting more stringent investigations and requirements than AIG. Why not fire the head of AIG? Why not let AIG, GM tank and start new free enterprise corporations that will be responsive to the needs and wants of Americans?

I am on the fence about this issue!

 

[ladysaraii]

On the other hand AIG and GM have taken billions of tax payer dollars and we should have a say in how they are run.

I think that about sums it up. Clearly they havent been making good decisions on their own. And hey, they could always refuse the money.

 

[icumom]

Yeah, the AIG et al fiasco is too multinational to make a broad sweep (attorney pals in NY are having a field day with the lawsuits pending against zillions of these clowns....what we DON"T hear on the media would reassure us that there will be justice)...

But GM - that's not the same case, and as with the rest of the corrupt nincompoops, he deserved and needed to be REMOVED!!!

 

[NY25]

I agree icumom. Also, I think there may be a bit of difference in that the financial stuff is so incredibly complex they need those guys around, whereas GM is more of a straight-forward business (although an incredibly poorly run one). I think it's all such a bloody mess Obama's doing what he can where he can. These execs all, across all businesses, should be so ashamed of what they've done to this country (and the global economy). Unfortunately, I don't think many of them have the humility or sense to do so.

 

[toughYrun]

I like the way NY Times columnist David Brooks put it:

“Well, the president certainly acted tough on Monday. In a show of force, he released plans from his Office of People Who Are Much Smarter Than You Are. These plans insert the government into the car business in all sorts of ways. They pick winners (new C.E.O. Fritz Henderson) and losers (Rick Wagoner). They basically send Chrysler off into the sunset. Joe Biden will be doing car commercials within weeks.”

 

[Miss Lee]

I like the way NY Times columnist David Brooks put it:

“Well, the president certainly acted tough on Monday. In a show of force, he released plans from his Office of People Who Are Much Smarter Than You Are. These plans insert the government into the car business in all sorts of ways. They pick winners (new C.E.O. Fritz Henderson) and losers (Rick Wagoner). They basically send Chrysler off into the sunset. Joe Biden will be doing car commercials within weeks.”

I swear we were separated at birth!

I think what Obama is doing is VERY frightening stuff!! I can tell you this much -- we just bought a new car -- a Honda!

 

[Liann]

I swear we were separated at birth!

I think what Obama is doing is VERY frightening stuff!! I can tell you this much -- we just bought a new car -- a Honda!

Anyone ever seen Star Wars? I always have the emperor's theme song running in the back of my mind with each new news story. Not that the things that are being done aren't needed (I'm not going to debate that either way), but they are setting scary precedents for the future. At risk of sounding like a sci-fi geek, I'll continue with the Star Wars comparison - I particularly like the quote from the 3rd movie where things are such a mess that they have decided to give the Chancellor supreme authority so he can fix things. This quote sums it up: "This is how Liberty dies, with thunderous applause." So true.

 

[LauraMax]

I like the way NY Times columnist David Brooks put it:

“Well, the president certainly acted tough on Monday. In a show of force, he released plans from his Office of People Who Are Much Smarter Than You Are. These plans insert the government into the car business in all sorts of ways. They pick winners (new C.E.O. Fritz Henderson) and losers (Rick Wagoner). They basically send Chrysler off into the sunset. Joe Biden will be doing car commercials within weeks.”

They are smarter than we are, thank god. I'd much rather have people smarter than me running this country instead of people I'd like to have a beer with.

OK, so, we should not insert govmt into the car business, including bailout funds? Yep, that'd be a huge help to the economy. At least 5 million new unemployed citizens. AT LEAST. Who won't be spending money b/c they won't have it to spend. And we'll continue our downward spiral.

I do agree that if you fire GM's CEO, AIG's should've gone first.

 

[NY25]

Exactly, LauraMax!!

And don't forget the car dealers, the people who build the dealerships, the people who make parts, who ship the cars, who fix the cars, who advertise the cars, the list is endless!

 

[LaughingWater]

Unfortunately for all of us, "smart" isn't a characteristic that can be applied across the board (meaning one may be smart in one or two areas...not in all). And even those who are well-placed in their element can sometimes be blinded by stubbornness and ego.

Hopefully Obama has delegated responsibility to the right people. *fingers crossed*

 

[pixiesis]

I always have the emperor's theme song running in the back of my mind with each new news story.

It's amazing how Star Wars always provides good comparisons. But I have to say that that the emperor's theme song is what I hear whenever I see Dick Cheney! Although Darth Vader's theme is also perfect for him.

I agree that this is a scary, high-stakes situation and I do sincerely believe that there are some very very smart people in charge. The media is always presenting such hyperbolic, extreme views, both praising and condemning Obama. I think that Obama will make some mistakes along the way but will also make many important improvements.

Amy

 

[Liann]

It's amazing how Star Wars always provides good comparisons. But I have to say that that the emperor's theme song is what I hear whenever I see Dick Cheney! Although Darth Vader's theme is also perfect for him.

I always have the "Cheney's Got A Gun" song going through my head when I see him!

 

[pixiesis]

I always have the "Cheney's Got A Gun" song going through my head when I see him!

That is awesome!

Amy

 

[LauraMax]

It's amazing how Star Wars always provides good comparisons.

My friends at college swore up & down Star Wars was an allegory for the American Revolution. Darth Vader was King George III, Luke Skywalker was George Washington, C3PO was Jefferson........you get the idea.

 

[ladysaraii]

OK, so, we should not insert govmt into the car business, including bailout funds? Yep, that'd be a huge help to the economy. At least 5 million new unemployed citizens. AT LEAST. Who won't be spending money b/c they won't have it to spend. And we'll continue our downward spiral.

Ordinarily I'd say let the car industry fail, but there are waaaaay too many people who's jobs depend on this industry and they are the only reason the company deserves to be saved.

In these times, more needs to be done to keep jobs, even if they have to take a pay cut. No people working, means no money moving and no chance out of our depression. recession. Whatever the heck it is now.

 

[kathryn]

They are smarter than we are, thank god. I'd much rather have people smarter than me running this country instead of people I'd like to have a beer with.

Ditto!

I think that businesses that get bailout money from the government should be somewhat accountable to the people (and the president is the representative of the people. As Obama said, the people hired him to do a job, and he's doing it!)

 

[jonahnah]

I believe the moron who oversaw/led AIG's plunge into their current financial mess was fired last June by AIG's Board of Directors. The current AIG CEO has only been there since the fall. I'm NOT saying the current guy is a brainiac, just that he's not the one who was responsible for their downfall.

OTOH, the GM CEO has been at the helm for 10 years. He is directly responsible for GM's problems and it seemed pretty apparent at the congressional hearings that he still didn't really have a clue how to fix the company going forward. ("Mr. where did I park my private jet today") Personally, I wonder why GM's Board didn't fire Waggoner themselves!! Are they gutless and equally clueless?

 

[tneah]

The path this country is going down is starting to scare me...the government is going to dictate how much a person should earn? What, so the folks who work their asses off and built something from the ground up do not deserve the fruits of their labor. Or would it be more fair if the government chose how much each of use should "earn" sent us a paycheck every month without us having to lift and finger or earn it..a set amount of money. There goes the very thing this country was founded on, ambition, hard work, small business,hopes and dreams. I guess then everyone would be "happy" cause we would all be "equal". This might be a bit off the subject but man, think about what is really happening here.

 

[tneah]

Oh, on another note I love me some Chewbacca! Is that how you spell that hairy beasts name?

 

[hiitdogs]

The path this country is going down is starting to scare me...the government is going to dictate how much a person should earn? What, so the folks who work their asses off and built something from the ground up do not deserve the fruits of their labor. Or would it be more fair if the government chose how much each of use should "earn" sent us a paycheck every month without us having to lift and finger or earn it..a set amount of money. There goes the very thing this country was founded on, ambition, hard work, small business,hopes and dreams. I guess then everyone would be "happy" cause we would all be "equal". This might be a bit off the subject but man, think about what is really happening here.

I don't have a problem with anyone who builds something from the ground up deserving the fruit of their labor. What I do have a problem with is CEOs making $ 20 Mio per year and running the company in the ground and taking the country right along in the tailspin.

If the company is profitable and can carry the $ 20 Mio CEO salary, go ahead and pay it. I think it is excessive but hey. The story changes if we as the tax payer are bailing out those companies to prevent a collapse of the economy, our money doesn't need to be used to pay those clowns for their lousy performance.

Ambition, hard work, hopes and dreams have disappeared a long time ago and were replaced with entitlement mentality, greed and corporate irresponsibility.

I think those who keep complaining about bailouts and government involvement should read about the Great Depression.