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View Full Version : Fed Gov'ment forces ouster of private corps CEO




phill4paul
03-29-2009, 07:08 PM
http://news.yahoo.com/s/ap/20090329/ap_on_bi_ge/gm_wagoner

WTF!!!!!!

phill4paul
03-29-2009, 07:15 PM
I repeat... WTF.:eek::eek::eek::eek:

phill4paul
03-29-2009, 07:21 PM
Obviously he didn't make a "significant" political contribution.

danberkeley
03-29-2009, 07:26 PM
inevitable

phill4paul
03-29-2009, 07:26 PM
inevitable

and telling.

LATruth
03-29-2009, 07:27 PM
<satire>He's appointing Henry Paulson as GM's new CEO." </satire>

I feel the need to put satire tags for the many due to the ineptitude of a few.

phill4paul
03-29-2009, 07:34 PM
Who will the federal government replace next?

Bodhi
03-29-2009, 07:38 PM
This is so far out of hand it is hard to believe. I never thought the American people would put up with this. The MSM has sure done their job.

phill4paul
03-29-2009, 07:40 PM
This is so far out of hand it is hard to believe.

No fucking shit. Have they called for resignations of any banks C.E.Os? This is a step beyond the pale. Which corporation is next for Federal acquisition.?

talkingpointes
03-29-2009, 07:44 PM
Sounds like the government "doing something to justify BS loans". It's going to stir controversy for sure in the morning.

phill4paul
03-29-2009, 07:46 PM
Talking heads are wondering whether this ousting will bring a "golden parachute" to the CEO as opposed to whether the federal gov should have a say over stock holders in the first place,:rolleyes:

Bodhi
03-29-2009, 07:47 PM
Which corporation is next for Federal acquisition.?

Pretty much any Corp the bankers want to get as far as I can see. Looks like a big fire sale and all the bankers have to do is tell our gov what they want to buy next.

phill4paul
03-29-2009, 07:50 PM
Pretty much any Corp the bankers want to get as far as I can see. Looks like a big fire sale and all the bankers have to do is tell our gov what they want to buy next.

Man I am not believing this news. I think you pretty much have it spot on.

silverhawks
03-29-2009, 07:51 PM
I repeat... WTF.:eek::eek::eek::eek:

I'm stunned.

Out of the big three, GM seemed the most progressive of the lot.

The Hy-Wire is their new concept vehicle (http://www.autointell.com/nao_companies/general_motors/concepts-2003/gm_hy_wire/gm-hy-wire-02.htm); if the other two had been let go, and some funding offered up by the government to make this a reality - a lot less than any of the financial bailouts - this would provide cheap, clean energy to everyone in America. The idea of this concept is to use stationary cars as power generators, giving energy back to the grid.

This reeks.

What has this done to GM's stock I wonder?

Surely someone is looking to impeach Obama over this?

This government is UTTERLY out of control, and far in excess of their Tenth Amendment bounds.

Bodhi
03-29-2009, 07:57 PM
Surely someone is looking to impeach Obama over this?

Good luck with that, the masses see Obama as some sort of Savior. Bush just kicked the ball to Obama and he is going to score one for the Power Elite.

silverhawks
03-29-2009, 07:57 PM
Pretty much any Corp the bankers want to get as far as I can see. Looks like a big fire sale and all the bankers have to do is tell our gov what they want to buy next.

Oh good god, that makes too much sense. Screw credit default swaps - this is the definition of a financial WMD.

With this news, watch for all of the Big Three's stock to tank. Then the auto industry is going down anyway - after getting a huge bailout of public money.

However, I cannot help but think this is going to cause another huge surge of public anger at the government. A lot of people are going to lose their jobs due to this, and there's no way they can blame it on anyone else.

phill4paul
03-29-2009, 08:08 PM
Oh good god, that makes too much sense. Screw credit default swaps - this is the definition of a financial WMD.

With this news, watch for all of the Big Three's stock to tank. Then the auto industry is going down anyway - after getting a huge bailout of public money.

However, I cannot help but think this is going to cause another huge surge of public anger at the government. A lot of people are going to lose their jobs due to this, and there's no way they can blame it on anyone else.

At this point based on this new news I am wondering what chess piece is going to be moved and to what purpose.

silverhawks
03-29-2009, 08:16 PM
At this point based on this new news I am wondering what chess piece is going to be moved and to what purpose.

I don't know, after this latest move I'm beginning to subscribe to the rather terrifying idea that this government really doesn't know what harm its doing, as opposed to some great plan to wreck the economy.

The Big Three employs somewhere close to 200,000. If the three companies tank (and I don't see how they won't after the news), then we're also talking support businesses for the auto industry suffering as well, laying off their staff and cost cutting across the board - exactly what the government said it wanted to avoid in the first place.

I just cannot see a way for Obama to spin this as saving the auto industry.

phill4paul
03-29-2009, 08:19 PM
I just cannot see a way for Obama to spin this as saving the auto industry.

Nor can I. I am sure they are putting the MSM on hold till they can as I am only seeing brief mentions of it.

klamath
03-29-2009, 08:27 PM
Obama has more or less appointed himself dictator. The extreme environmentalists are behind this. The government will dictate exactly what kind of green cars the auto makers put out. It will not matter what kind of car the American people want to buy, you will buy what Obama tells you to buy.

heavenlyboy34
03-29-2009, 08:30 PM
Welcome to "super archism" everyone. :eek: Hope you enjoy it. ;):p:(

satchelmcqueen
03-29-2009, 08:48 PM
i would have refused to step down.

Pauls' Revere
03-29-2009, 09:14 PM
I would hardly say that GM or the other automakers are private anymore. Face it they were nationalized, bought up, whatever you like to call it and the government is putting in thier own. Let's see if the shareholders elect a new CEO or if Obama's Admin will pick some puppet. I'm not surprised, they took the government money so it follows they must do what the government says "or else". Another example of why never to rely on the government for assistance.

and more aid for the automakers!!!

President Barack Obama said earlier Sunday that GM and Chrysler have not done enough to save themselves since receiving a $17.4 billion bailout in December.

"They're not there yet," Obama said in a taped interview on the CBS-TV news program "Face The Nation."

GM and Chrysler have run through most of the initial rescue money and are at risk of bankruptcy without immediate help.
http://news.yahoo.com/s/nm/20090330/bs_nm/us_autos_5

March 31st deadline...

But neither automaker has finished the cost-cutting overhaul dictated by the terms of their December bailout launched by the Bush administration that set a deadline of March 31 for determining whether the companies can be saved.

silverhawks
03-29-2009, 09:56 PM
i would have refused to step down.

Actually, that raises a great point. I would love to know exactly how he was made to step down, considering he had already said he was taking a $1 a year salary.

Wonder if they threatened to levy a punitive tax against his employees?

silverhawks
03-29-2009, 09:57 PM
Good luck with that, the masses see Obama as some sort of Savior. Bush just kicked the ball to Obama and he is going to score one for the Power Elite.

I wish I could disagree...but someone on another message board wrote this:


I think the last thing you'd want is for Obama to make an order that another President can just undo. Whatever change that Obama is to make should be able to withstand the whims of future office holders.

*sound of Silverhawk's head thumping against desk*

And then someone says something like this, which restores my faith there are sane humans on the planet:


And I'm really sick of people who imply that you must be a racist if you have anything at all to say in criticism of the President. I didn't like it when it was 'un-American' to criticize Bush, and I don't like it when it's 'racist' to disagree with Obama.

Also, characterizing people wondering why a politician is making noises about indefinitely delaying his campaign promises as 'whining' is more than a little unfair and perhaps showing a lack of either empathy or willingness to hold these people to their word.

I'd humbly suggest that fanboy or girl partisanship is unhealthy in politics and that no politician is so pure that he or she can't bear some harsh scrutiny and judgment.

LATruth
03-30-2009, 12:11 AM
But Silverhawk, now its unamerican AND racist to criticize the President... :mad:

Minarchy4Sale
03-30-2009, 01:33 AM
You dont dance with the devil without paying for it. This is exactly as abhorrent as the feds bailing out GM, no more, no less. In fact, it is all part of the deal.

Personally, I call foul on the 'conservatives' who claimed that it was necessary to bail out AIG, et. al. and then cried 'SOCIALISM' when O went interfering in management of those firms.... Did they really thing Corporate America could collect welfare without the Government asking for control..? O wait, yeah, they got to do that under Bush...

Im not sure which is worse. One is Marxist Socialism, the other is Nationalist Socialism...