Obama Fires GM’s Wagoner – When Do We Start Firing Bank and Brokerage CEOs?
I guess we’ll get more of the story tomorrow, but tonight from Politico:
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.
The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.
For those who see President Barack Obama as a socialist, today’s words and actions refute that view. Perhaps the banking and finance industry ought to be looking over its shoulder. Some of those bailed out financial companies could be the next to feel the impact of White House pain. I believe that “too big to fail” is too big to exist. I hope the president agrees.
Amen, Don.