Today the Big O Administration decided to get "tough" with Chrysler and GM. They figured if CEOs that have been in the industry for 30+ years can't figure out how to turn a profit, well then the US GOV must show them how. (And we know how well the Feds can balance a budget and produce results. ) Today Obama forced the resignation of the GM CEO Rick Wagoner as a stipulation for additional government aide. A similar move to when Hank Paulson forced our AIG's CEO in 2008. Mr. Obama announced the decision in a press conference addressing the "restructuring" of the US auto industry.
What do you call it when a government starts to control private industry? Not just a business, but an industry. GM and Chrysler screwed up, don't get me wrong. But, shouldn't the company's share holders do the hiring and firing of the CEO, not the President of the United States? Where does this path lead us....?
One thing is for sure, with Obama controlling the selectiong of the CEO of GM (and dont think he isn't) he will be able to pursue his green initiative with an American car maker in his pocket.
Heres an idea. Bankruptcy, its coming eventually, why prolong the inevitable?
Monday, March 30, 2009
GM & Chrysler get B^%# Slapped
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