GM CEO steps down because of obamas request

[Allegedman]

yep its true (http://www.politico.com/news/stories/0309/20625.html)

I hope someone new will step up and do a better job and restructure GM, I hope the new CEO can kick obama in the keyster.

[zeus01]

Obama Sucks.

That is all.........................................

[ws6lou]

im no obama-lover, but im glad he is at least trying to save them and not just sitting back and doing nothing. i never thought wagoner was a spectacular ceo for gm anyway

[zeus01]

I HATE obama.......But how the hell can the president of the usa Tell someone they have to resign?

I see people loosing thier rights and it pisses me off.Not only That the Dollar has gone down CAUSE he decided to print 1 TRILLION dollars.People dont see how this country is goin right down the crapper.

[mike71]

He can tell them to resign because the govt. has been bailing them out with money. They also asked for MORE money. So yes tell the guy to resign or no more money. because that is what he did.

[wade454]

I think it is bs that we are bailling out all these companys when there are small bussiness going under every day and can't get a dime to help them. Example; I have a friend that owns a ma and pa gas station and is having trouble even paying payroll so and with out the small gas stations the big corp stores will run the gas prices. I say let them go under in a few years you would see alot more small up start companys in all industrys instead of the big corparations. What do i know just another small busniess owner.

[mike71]

I feel ya wade. But the problem is if say GM goes under thats hundreds of thousands of people on the street lookin for jobs. So a bad situation gets a thousand times worse.

we should just say let em burn for being so stupid, Unfortunately we have to keep the job market in the best shape we can. If all the banks and car plants went under that were going to go under we would just be paying the money in un employment and welfare.

[roadweasel]

If the idiots at the local chevy dealership are any example of the idiots at the top of GM I say fire the whole lot of 'em and let somebody else have their jobs who's willing to do it better.
And why not let the oil companies bail out the auto manufacturers? After all it's in their best interest to keep GM making big ol' gas guzzlin SUVs and trucks and we all know they are rolling in money.

[mike71]

Totally agree in the oil company thing. Though they would probably use that as another reason for five bucks a gallon. :( lol

[kevmeister]

hey Zeus, it's a prime example of the 'golden rule': whoever has the GOLD, makes the RULES. if someone wants to help yer company by givin' you money, and they attach strings to the deal, then you just have to ask yerself whats at stake if you don't accept the deal. put yerself in this poor guys shoes, would you like to be known as the guy that had a chance to save a MAJOR player in the economy and didn't (by not resigning)?...

[Ayce]

Unfortunately, these "major" companies set themselves up as such, to control the wealth, and we let them do it. Then greed took over, and now look at the mess they/we are in. I have no real business experience, but it seems to me a lot of these companies have no long term foresight, and neither do their investors. All they see is how much profit can be gained today, let tomorrow sort itself out. NEWS FLASH! Tomorrow is here, NOW! Think ahead, invest heavily in alternate fuels/transportation means. The gas stations should be looking at returning to the original concept as "service stations". Have battery rentals, electrical outlets, and hydrogen supplies available. Think of it this way; If some entrepreneur hadn't had the foresight to see where the automobile was going, we would not have had gas stations to fill up the horseless carriage. Yes it took some time, but without that spirit, we would probably still be riding/driving/racing horses. (oh yeah, we still race horses :laugh: ) And on that note, we need to race these new technologies, that's what put the automobile on the map. Yeah, I know we do, but not in the same context as the current cars/trucks. That is what drove the industry. (pardon the pun)

And don't even get me started on the bank's problems. I don't know enough about high finance to put up a good argument. :mad:









The previous post/rant is my opinion only, feel free to agree or disagree. :D

[wade454]

hey Zeus, it's a prime example of the 'golden rule': whoever has the GOLD, makes the RULES. if someone wants to help yer company by givin' you money, and they attach strings to the deal, then you just have to ask yerself whats at stake if you don't accept the deal. put yerself in this poor guys shoes, would you like to be known as the guy that had a chance to save a MAJOR player in the economy and didn't (by not resigning)?...


The problem with this is the gov. is us or money to bail them out and I don't rember any1 asking me if it was ok. If I ran my business like the gov. I would have been out of business it the firt hour. Even if 1 of the big 3 folded it wouldn't last some 1 would by the out

[kevmeister]

Wade, the problem with corporate america is just like how Ayce said it; greed. do you REALLY think that the guy who got fired walked out empty-handed. not likely, these guys have bonuses coming out their ears. these guys know ways to give themselves money that I haven't ever thought of. if I ran my business the way these guys do, I'd be broke inside of 6 months. don't waste time thinking how unfair it is that the govt. made this guy quit, use your time to think how unfair it is that you are probably smarter than this guy and yet he made a million dollars more than you did last year...

[Kevman]

Alot of this has to do with..
A. GM's long running pensioners collecting huge cheques
B. Ignorance toward american vehicles, where people go and buy imports instead (It's true, how many Toyota Tundra's do you see?)


What my grandfather said about the american government dumping money into the banks was.. "If they just gave everyone a million dollars in United States, 95% of these problems would've been fixed with a much less amount of money"

It's also sick that they jumped to give AIG, Merryl Lynch, Fannie May, and the other banks WHO GOT US INTO THIS with their 30 year mortgages. Do you remember any stipulations for them? Did they have a deadline to show profit? No. So it shows whose hands are in whose pockets..

[mike71]

To be fair obama was not elected when we gave those banks money. So maybe he would have done it different?

[Gold]

Hmmmm........wasn't he a congressman? and did help push the bill thru?

[Kevman]

To be fair obama was not elected when we gave those banks money. So maybe he would have done it different?

I have no problem with them giving the banks money, it was a good idea at the time, and when someone like myself is seeing local businesses failing DAILY it's a nice shot at hope.

But I just thought it was a horrible mess when congress grilled the CEO's of GM, Ford, and Chrysler about their 'private jets' and their 14 million dollar incomes. Does it not seem hypocritical of them? How many congressmen make that? How many congressmen fly in on private jets? It's all a big joke.. I know Canadian parliament isn't much better, but seriously guys, it left a very bad taste in my mouth.

[mike71]

It is in a little bad taste to come and pan handle for money in an excessive lear jet. Alot of jobs could also have been saved if some ceo's took a pay cut. Their business is in the hole because of them not because an act of nature, If we had a little better economy and work structure the banks and the car company's would be SOL right now.

It is sad that they are "getting away" with all this crap and we are forced to help them.

[Kevman]

It is in a little bad taste to come and pan handle for money in an excessive lear jet. Alot of jobs could also have been saved if some ceo's took a pay cut. Their business is in the hole because of them not because an act of nature, If we had a little better economy and work structure the banks and the car company's would be SOL right now.

It is sad that they are "getting away" with all this crap and we are forced to help them.

They did come to panhandle in a lear jet, I agree, it was in bad taste. But after the banks received money, how many of them went on lush vacations, and gave out huge bonuses?

[mike71]

Most of them lol Didnt they get in trouble for that? To be honest I really try to no follow the news. It seems all bad lately so im pretty out of the loop. lol

Seems like our current situation is one of those damned if you do damned if you dont kinda things. If we give the companys money they blow it and need more, If we give the people money they will end up quiting jobs or wanted to be paid more since they have this "fat nest egg" which will raise prices to pay the bloated wages.

I think i heard obama saying something another war on the tv? I may have miss heard.

[Kevman]

Well from what I understood, he's pulling Most, and this is coming from my local news (WXYZ 7 Detroit) of the troops out of Iraq to put into Afghanistan to finish the war that we originally went over there for. Us Canadians have been there for a while now.. But the big enemy was Afghanistan and should still be.

[Allegedman]

http://www.youtube.com/watch?v=rkkhrih9BOA

[jrflickster]

good post kev. politics is never a good subject to get into but all i got to say is atleast he's trying and telling a ceo to back down if you want more money means atleast he's not just handing out money whenever and to whoever atleast he has a plan to all this...(i hope) right?

[Ayce]

Good 1 A-man, :laugh:

[FuzzyDice21]

I think its funny that GM wanted all this money or they were going to belly up, yet they are supplying michael bay with all these cars like the stingray concept and a volt (or at least the body of one) for transformers.

[Nismo240]

The problem with these companies is the fact that in the 70's they made <expletive deleted> cars and the stigma of <expletive deleted> cars coming from the USA has stuck until recently when domestic manufacturers started making decent cars and IMO a lot them are more attractive and enjoyable then the Camry, Accord and most of the other boring same old same old junk coming from accros the Atlantic and Pacific.
In addition to the public believing their products suck, the Big 3 have been giving bonuses and retirement/pension plans that are a huge ball and chain. It has to be tough to make profits when you have billions to pay to past employees.
Oh and on a side note I haven't seen that many Tundras in comparison to F-150's, 1500's, and Silveradoes. The same goes for large SUVs, the majority are Fords, Tahoes, Suburbans, and w/e those other behemoths are. Not to mention the Tundra is ugly.
So in short as long as the Big 3 can pump out interesting family friendly cars like the 300, Camaro, and hopefully Firebird they can take back their lost market share. In addition they need to keep Toyota and Nissan out of the their truck and SUV market before they lose it. So none of these bailouts will do anything unless management changes and they start listening to US the American people who are their MAIN market.