“Obama fired GM CEO Wagoner”:http://www.bloggingstocks.com/2009/03/29/obama-to-gm-ceo-wagoner-youre-fired/! To all those who defend Wagoner as a great CEO… I am sure I could take the #1 car-maker in the world, lose two-thirds of my marketshare in a few years, lose money on every single car I make, invest in things that people have said for decades they don’t want and drive the company into bankruptcy. That must make me a great CEO too, so if you were happy with Wagoner, please hire me and pay me millions a year to do it to your company. And if I can’t kill your company faster than Wagoner killed GM, I will only take half the $20 million bonus GM is paying him to leave.
To all those who think the federal government shouldn’t be running GM, I agree that would be bad. It’s so bad that the only thing worse than the Federal Government running GM is GM running GM.
Obama quickly realized Rick Wagoner is a loser as a CEO. And he knows that Chrysler is worthless so he’s forcing them to either merge with Fiat or go out of business. I’d still prefer that both companies be left to die, but given that Obama wants to at least help GM survive, this is the best/smartest thing he could do. Hopefully, GM will go through bankruptcy, get rid of the unions and come out stronger. But I doubt it and it will likely be a waste of tax dollars to try. Let’s hope I’m wrong.
There’s a lot of hand-wringing about the poor union employees who will lose their jobs if GM goes away. But they only have themselves to blame. They strike for contract negotiations, higher salaries, better benefits, etc. every few years but they’ve never once had a strike to protest GM’s bungling management and their designing cars that suck. Had they stood up and refused to build gas-guzzling Hummers when Wagoner bought the company or had they stood up and demanded that Wagoner not kill off the wildly-popular electric car, the EV-1, and been ahead of the game, they’d all have safe jobs.