CEO Rick Wagoner

Wagoner Had to Go We heard more realism from the president yesterday than we've heard from Detroit in years. PAUL INGRASSIA What's good for General Motors really is good for America after all. And vice versa. Martin Kozlowski That's the best way to read the sad but necessary -- in fact, long overdue -- departure of General Motors CEO Rick Wagoner Sunday, at the behest of President Barack Obama's Automotive Task Force. Give the Obama team credit, too, for replacing most of GM's pet-rock board of directors, which put loyalty to Mr. Wagoner above duty to shareholders while the company imploded. These steps add ... Read Full Story

Previous government involvement in the U.S. auto industry came from a quote by the Secretary of Defense in the 50s, Charles Wilson. True enough, Wilson was the former head honcho of General Motors when he suggested that, "for years I thought what was good for the country was good for General Motors and vice versa". Earlier this week, U.S. government involvement in the domestic auto industry reached a new level when, as a 'preexisting condition' for more loans, the Obama administration firmly suggested that long-time GM boss Rick Wagoner ought to step down and allow Fritz Henderson to lead the company in a new ... Read Full Story

"This is a remarkable move by the federal government -- I think unprecedented in the history of this country. ... What does this signal send to other corporations and financial institutions about whether the federal government will fire them as well?" -- Senator John McCain on the Wagoner firing Rick Wagoner was the CEO who pushed the Big Trucks and SUVs model for General Motors these past few years. Despite, higher gas prices at some intervels, the two combined for one of GM's only profit making enterprises. Now, the Obama administration is pushing the Big Trucks/SUV enthusiasts out the door, in favor of those ... Read Full Story

Following reports that General Motors CEO Rick Wagoner is stepping down at Obama's request comes reports that the Commander in Chief has decided to grant both GM and Chrysler additional short-term aid. In effect, the Obama administration has rejected the latest restructuring plan from both automakers, claiming that the plans don't go far enough. As usual, both automakers must satisfy certain conditions in tandem to the short-term aid they will receive. Here is what the Obama's administration had to say... General Motors .... GM's plan is not strong enough - the company has failed to meet many of the objectives established in its latest ... Read Full Story

General Motors’ board and shareholders have for too long time failed to get Rick Wagoner to resign as its CEO but the Obama Administration appears to have had the final say. Just prior to the Obama Administration’s newest announcement on what it intends to do with the American Automobile Industry planned for Monday news has come out that Wagoner will resign. According to a story by Justin Hyde and Tim Higgins of the Detroit Free Press , President Barack Obama’s rescue plan for Detroit automakers will be unveiled Monday, but one condition became clear today: the resignation of General Motors Corp. Chairman and Chief ... Read Full Story