Obama asks GM CEO to step down in order to get further aid. He acquiesces

[CanadianCamaro]

Originally Posted by CommandoSS

Not that this isn't correct but they can't get away with lieing about something like this. You don't just fabricate something that the white house put out there.

OK fabricate is probably an inaccurate word. But they are far from bound to being completely forthcoming. And of course they love to "stretch" the details they do have to pull in more reader/listener/viewer-ship.

[The Boat]

Originally Posted by irpq11

It's still private industry. Every tax payer represents the Gov. Only shareholders represent GM. Clever, but it's still considered private sector.

Gov. Has no assets or industry and shouldn't.

more than tax payers represent gov actually. Anyone who holds dollar assets is paying for our bloated gov bc. they "print" tons of money thereby eroding the dollars value and acting as a stealth tax.

[manimsoblack]

Originally Posted by CommandoSS

Not that this isn't correct but they can't get away with lieing about something like this. You don't just fabricate something that the white house put out there.

Since the white house has never fabricated info.

Also the camaro should be safe ( <-- to stay on topic.)

[CommandoSS]

Originally Posted by CanadianCamaro

OK fabricate is probably an inaccurate word. But they are far from bound to being completely forthcoming. And of course they love to "stretch" the details they do have to pull in more reader/listener/viewer-ship.

Again, not that I don't agree but how is this stretched? White House asked him to step down and he did. This is something I definitely can see the obama administration doing.

[CanadianCamaro]

Originally Posted by CommandoSS

Is it BS? Yes
Is there anything we can do about it? No

I love this! Well said my friend I think we should use this approach on several discussions we've had lately

[Camaroyoung]

As long as GM takes money form the government, politicians will tell them how to run their business. GM will be at the mercy of the worthless washington until they can pay the money back! GM has a long road ahead. The camaro will be the second chevy we have purchased this year. Done all I can do to help. Good luck GM your gonna need it! :(

[CanadianCamaro]

Originally Posted by CommandoSS

Again, not that I don't agree but how is this stretched? White House asked him to step down and he did. This is something I definitely can see the obama administration doing.

Wasn't referring to this particular case. Just saying in general. How many times have you been watching the news, Larry King, CNBC or something and the anchor/reporter asks some obviously stupid question just to get a reaction. The media competes on who can present the news first - but the story doesn't have to be complete . In this case it's pretty factual. But for the very reasons we're discussing here I would hazard to guess that the current administration would avoid saying that they are forcing Rick to step down - although the task force may make a recommendation that this be considered - which they did.
But to clear the air for my friends in the media - here's one on me.

[TStko]

Listen here....GM is a publicly traded company, who needs a low interest loan to survive,(i really dislike the term'bailout'). You have half the country saying let GM fail, other half saying help them. If GM wants to apply for a LOW INTEREST LOAN there's stipulations. Remove your current CEO. I like Rick but come on, he's not a founder of GM or my Camaro?! Hell he didn't design any of my GM cars last i checked! LOL He made 17 mill in '07. He'll be ok. Half that salary could've helped a couple plants here.

Let Rick 'resign' or let the board of directors 'fire' him you pick. Either way he's outta here. What CEO you know that's been running the show forever. Umm none!?? They come they go.

Rick's gone, now they'll give GM the money, which will hopefully give them more OT so they can finish my car quicker then I won't need anymore Camaro info.

The king has spoken. LOL

[2SSRS@Gen5diy]

Originally Posted by manimsoblack

Also the camaro should be safe ( <-- to stay on topic.)

Yes the Camaro is Safe now, But for how long?
On Friday the Obama administration raised the fleet mile per gallon average for 2011 or 2012 to 30.5 MPG
so like i said how long for V8 cars?

[Sterling]

I just found what Rick has to say about it: Rick's comments

[jstein]

Originally Posted by sterlingnotes

I just found what Rick has to say about it: Rick's comments

Can't believe he said that! wow...

[JaysonAych]

Originally Posted by CommandoSS

Now that GM has government money, the gov. essentially can dictate terms of the loan. If GM doesn't follow, they take all of the money away and forces GM into Ch. 11. For whatever reason, GM REFUSES to declare Ch. 11 and therefore is at the government's mercy.

Is it BS? Yes
Is there anything we can do about it? No

Don't see what the big deal is. If I get a car loan, the finance company dictates to me the minimum amount of insurance coverage I have to get, the maximums of any deductibles, and who the loss payee is (them). Because it's their money and they want to be sure they get it all back if something goes wrong with the loan.

It's not like the US Government put a gun to the heads of GM executives and said, "HERE TAKE THIS MONEY OR ELSE SO WE CAN OWN YOUR COMPANY HAHAHAHA." GM went to Washington begging for the money and they knew there would be stipulations to be sure that the taxpayers would get their money back and that the money would be used to make real changes at GM. If that's not getting done and they still want more government money (again, taxpayer money GM's asking for of their own accord), then I have no problem with the government telling them what they need to do differently to get that money so we don't end up shoveling it into a big hole.

That being said, Wagoner stepping down isn't going to fix anything. Henderson isn't going to turn the company around any better or faster than Wagoner. It's just a big PR spin on both sides of the table. A new round of loans is just delaying the inevitable.

[TStko]

I think everyone is blowing the "End of the V8' overboard. GM managed to squeeze25 mpg out of the current V8. Would it upset anyone if GM made a Camaro that got 35 mpg still with 8 cylinders? GM is gonna be here, they're not going anywhere I love the company I love the employees that I don't even know and I don't wanna see any of you out of work. Hang in there!!
We love ya GM!
Course i could be wrong Toyota could buy everybody else out turn into a big monopoly and...and....and....all cars will be Camrys and Corollas?!? Then I'll have to ride the bus because it'll be a cold day in hell before i....?!?! Do i sound like a panic ridden person concerned about V8s?!? LOL LOL


Sorry for ya Rick. You had always seemed like a down to earth person though everyone has wanted you out last few months BEFORE the current administration. BEFORE the current administration. BEFORE the current administration. BEFORE the current administration.

[Matrix]

Firstly I cant understand how a government can be allowed to step in and restructure a corporation. Perhaps they should clean up their house and get that in order first!

Second, why is their no such thing for the financial sector....oh boy you dont want to get me started on that one!!