GM's Wagoner Asked to Step Aside

Palidin

Unfortunately I agree with you here, I have been saying this for months. So have many others but the lefties in this country apparently don't care. They still believe O'bama rex walks on water.

I think he has been in over his head since he was elected to the Illinois Senate. That is the reason he voted present the majority of the time. Even so that does not change his intent to make America a third world socialist/Fascist country.

 

I am starting to think that you don't have a true understanding of genuine tyranny.

 

Wagoner is probably hoping he gets fired. It's not like he will have to live on unemployment insurance. Probably has a $5 million termination clause in his contract.

 

Maybe you need to look it up. Just a thought.

 

Obama's resume;

1. Chicago Street Organizer
2. Illinois State Senator
3. US Senator from Illinois
4. POTUS
5. CEO of General Motors

 

LB sez:

I'm certainly no bankruptcy guru, but I understand that there are several options for declaring bankruptcy.

One of those is a court protection of assets, BUT major overhauling must be done to assure that the future of the co.will not go down the same path, and one of the major facets of this type bankruptcy is that all existing contracts are legally voided and, if still desired, must be re-negotiated.

Now if this is fact, taxpayers, GM, future customers, present suppliers, etc would have been far better off had GM opted for this type bankruptcy sans the billions of bailout $.

Also, if this is fact, then we can readily see why the Ds wanted to bailout, rather than let the normal business cycle take its course - UNION CONTRACTS VOIDED.

Nuff sed!!

And before JC or LB comments about AIG & Bush, HE $CREWED US AS WELL, I didn't like it any better and all it did was let the "0" do the same with less squawking from the sheeple.

 

Exit Package For GM's Wagoner Put At $23 Million
by The Associated Press

NPR.org, March 30, 2009 · When General Motors Chairman and CEO Rick Wagoner leaves the automaker, he'll take with him a financial package worth an estimated $23 million.

The terms of General Motors Corp.'s government loans prevent it from giving executives severance pay, but they don't affect earned pensions.

As of Dec. 31, Wagoner's accumulated pension was valued at $22.1 million, but he'll receive that in payments over the rest of his life, so the actual amount he collects might be different.

According to GM's latest annual report, Wagoner also will receive about $367,000 in stock awards and about $535,000 in deferred compensation.

Wagoner announced his resignation Monday. Obama administration officials asked him to step aside as part of the government's plan to assist the struggling automaker.

http://www.npr.org/templates/story/story.php?storyId=102518200


To seriously describe a CEO that chose to retire with a compensation of almost 23 million dollars from a business that is failing to such a degree that it is begging for billions in taxpayers dollars as tyranny, is a clear lack of understanding of what true tyranny is. Doing so is an insult to all those that are oppressed under true tyranny.

 

We have met the enemy and he are O'bama rex.

 

The survival of the UAW contract is the only reason democrats are against bankruptcy. They don't care if GM ever becomes profitable as long as the union is protected.

It is likely that a new form of bankruptcy will eventually be created especially for GM, just to protect the UAW.

 

What democrats are against bankruptcy? If you listened to the president today he sounded like bankruptcy is in the future for GM. He didn't come right out and say it, but he spoke of what a GM bankruptcy would mean.

It is more than union workers making GM unprofitable. You can bet the executives get every benefit the union workers get if not better. Look how much Wagner made for quiting... $20 million, bonus plus stocks... How many union workers can you employ with $20 million?

 

Bush destroyed the economy. Obama is going to fix it.

 

Yeah right, by spending us into oblivion. In his first term, Obama will double the debt he received (not Bush's debt ... the debt of the entire history of America). That won't fix anything ...

 

This is my understanding but I am sure someone here will correct me, when a corporation like GM goes bankrupt they are basically putting their future in the hands of their lawyers and the bankruptcy court. Parts can be sold off, the company can be declared a waste and dissolved or they can be put on a payment plan with all creditors.

Chrysler will be dissolved if it is not bought. GM has fare more problems than just union contracts to deal with or they will also be dissolved. GM's main problem is they didn't adjust to declining sales, economy, and didn't invest enough in future product development (like hybrids). They still functioned like the big company of the past which is why the CEO got the ax...

 

He offered to raise taxes on the rich to pay for some of his spending and you guys reject that also. He won't make you guys happy no matter what he does short of quiting... :laugh:

 

For those of you scoring at home, that was off-topic Bush-bash #3,195.

 

Then there are others that will justify every action he takes, no matter what it does to our country. (you got a mirror handy, LeBuick?)

 

I think this is scapegoating. Investing in hybrids wouldn't have changed what has happened.

Of course. Two words: CUT SPENDING. The problem isn't that the government doesn't have enough money. They have as much as they have ever had. The problem is that there is no spending control.

That would certainly be a step in the right direction. This bad leadership has to stop. There is no excuse for this.

 

This merely shows that not only do you have no knowldege of macro economics you have no knowledge of the economics of the auto industry.

GM made all of their money over the last fives years from the SUVs and light trucks. The very cars that Obama and the democrats do not want to be built.

GM lost money on the little eco-cars that Obama plans on building now that he has control of GM.

The problem is that people tend to not want to buy the little over priced, uncomfortable, unsafe at any speed, cracker boxes that GM was required to build to meet the fleet wide CAFE standards that the government forced on the auto industry.

Obama's dream for the car industry will result in one of two failures - either GM will build only tiny cars that nobody wil buy and it will ultimately fail under Obama's stewardship - or we wil be required to buy those tiny cars under force of law or threat of economic penalty enforced by the tax code ( which seems to be Obama's weapon of choice).

 

The truth is, they should have filed bankruptcy. Companies have been known to file bankruptcy one year & bounce back the next. They should have never taken that bailout, at least then they wouldn't be taken over by the federal government.

 

With declining sales that really tanked when gas prices peaked.

That's my point, the Japanese have hybrids but GM won't have the Volt until 2010...

Japanese meet the same criteria. The fact that they can't do it is more reason the CEO needed to go.

Couple of things to get strait, I don't like what Obama did by getting the CEO to step down. I have to admit, that is a step toward socialism that we didn't need. However, he made this decision in the light everyone on the right from Joe the plumber to Rush calling him a socialist, this tells me there is more to the story than simply saying Obama fired the CEO. The truth will come out some day.

Also, the government didn't take over GM. GM now has a CEO with a mission of making it profitable. The government is not running GM. They never intended to run GM. GM IS and always will be a private company.

Now the previous administration gave them money with no strings attached. That is why I can appreciate Obama's actions as wrong, but at least he's trying...