GM Boss Wagoner to Resign, Source Says
EmailABC News’ Jake Tapper, Zunaira Zaki and Charles Herman report: A White House official tells ABC News that the Obama administration asked GM chairman and CEO Rick Wagoner to step down, and Wagoner agreed to do so.
GM had no official comment.
The move is part of the administration’s plans to restructure the auto industry, which President Obama is expected to announce Monday.
"We think we can have a successful U.S. auto industry. But it’s got to
be one that’s realistically designed to weather this storm and to
emerge at the other end much more lean, mean and competitive than it
currently is," President Obama said in a taped interview broadcast today on CBS’ "Face the Nation."
Since late last year, General Motors
and Chrysler, the No. 1 and No. 3 automakers in the country,
respectively, have received more than $17 billion total in aid as the
two companies struggled to stay afloat amid plummeting auto sales and a
difficult credit market. Last month, GM and Chrysler requested an additional $22 billion.
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Why can’t Obama get as tough with the banks as he got with GM/Chrysler?
Obama needs to get tough with the banks after the Stress Tests are out.
Posted by: Sara | March 29, 2009, 1:43 pm 1:43 pm
Oh No….here comes that “Golden Parachute” crap again….bet if he leaves now he gets a carload of money…before it goes under
Posted by: parup | March 29, 2009, 1:44 pm 1:44 pm
Finally, a first step but beware of the size of his Golden Parachute (Government paid) of which he should get ZERO!
Posted by: CC | March 29, 2009, 1:45 pm 1:45 pm
Great news, this guy and his team are so far out of touch with the car buying public that they should have left long ago.
Posted by: carguy | March 29, 2009, 1:50 pm 1:50 pm
This is getting very scary. You Obama supporters need to wake up and realize what is going on. This is the road to fascism. Obama should not have the authority to dictate someones resignation. Blindly following Obama is unAmerican – always question authority!
Posted by: sticky wish | March 29, 2009, 1:50 pm 1:50 pm
What in the world does the government know about running an auto company? GM needs to drop all the divisions and only have one, which makes a cheap car, medium, expensive, sports and cross over. They don’t need to retool 30+ models every year, its nuts. Concentrate on making the best 5 cars they can. Tie the salary with profits for everyone instead of just giving management giant bonuses for nothing. No need for unions either, give profit sharing and watch it run well.
Posted by: greg | March 29, 2009, 1:54 pm 1:54 pm
WOW! You are calling this Fascism? Do you even know what it means? Where was the outrage during the Bush years? Talk about Fascism! Bush inherited a $4.9T national debt and when he left office, it was at $10.5T. Where you just asleep during the last 8 years?
Posted by: gailwiley | March 29, 2009, 1:55 pm 1:55 pm
The union must also go, they are as guilty as the dumb executives in bringing down the company by their demand for very high salaries… Just go bankrupt so they can start fresh.
Posted by: trent | March 29, 2009, 1:56 pm 1:56 pm
These automakers should be in bankruptcy court. What makes anyone think Clowns in Congress can reorganize the automakers any better than a bankruptcy court? Even if they knew what they were doing, which they don’t, Congress is controlled by the Dems, and the Dems owe too much to the UAW to do anything but make it worse.
Posted by: ChainsUCanBelieveIn | March 29, 2009, 1:57 pm 1:57 pm
How can the Japanese auto makers have better and more profitable cars? BETTER MANAGEMENT and NO UNIONS!
Posted by: ronbloom | March 29, 2009, 1:58 pm 1:58 pm
Well doggies! If the President can get the same type of cooperation with the union, GM might just make some money!!!
Posted by: PappyHappy | March 29, 2009, 1:59 pm 1:59 pm
It”s about time he starts firing these CEO’S. Banks should be next. I support President Obama he is looking after the country. No more free money.
Posted by: Jackie | March 29, 2009, 1:59 pm 1:59 pm
Nice way for the “leader” to bail after he ruined the company, which started years ago. He will have no worries retiring with all the bonuses and inflated salary he has received over the years even while his company under performed. You think he’s going to walk away with a $20,000 buy out plus a $20,000 voucher to buy a GM car? I think not.
Posted by: Dana | March 29, 2009, 1:59 pm 1:59 pm
what does Obama know about running a company? There is not one company doing $100M/yr that would even consider hiring him because he knows nothing. He is not qualified to run even a small business.
Posted by: brian | March 29, 2009, 2:00 pm 2:00 pm
There is ZERO difference between Obama and Chavez .. they both want TOTAL control of everything! He’s a friggin clown and you kool-aid drinkers are just too stupid to see what’s going on!! What’s next – he’s going to attempt a takeover of all of the Dairy Queens? “You asked for it – you got it!” .. by the way, has your worthless non-productive lives changed one bit since he got elected? NO!!
Posted by: Marcus | March 29, 2009, 2:01 pm 2:01 pm
I hope all you government loving people are enjoying yourselves. It is sad that this company should already be out of business and many smaller versions of car companies would have emerged. But big brother keeps throwing good money after bad to save socialism. All of you who support government control will eventually have government imposing many rules on your personal life; sad, weak minded people. By the way, the huge tax increase coming next month from .39 to 1.00 on a pack of cigarettes, this is a major tax increase on the poor.
Posted by: George | March 29, 2009, 2:02 pm 2:02 pm
Its about time these people get more and more of a shake up. Mis-managment, free spending, pile the debt in one drawer and forget about it??!! I dont think so. I could care less what his sad, sappy reason is going to be for leaving. Don’t give us the usual I want to spend time with my family garbage! Just leave and don’t expect a pity party! You should have left a long time ago with all your cronie buddies! Scumbags!!!
Posted by: mike | March 29, 2009, 2:02 pm 2:02 pm
Dana – cmon now .. put the purple kool-aid down and THINK!! Do you honestly think this guy is stepping down at this point in time ON HIS OWN??? Oh boy – you people are just downright nuts! He is being forced to leave by YOUR PRESIDENT and will be replaced by someone of his choosing .. RIDICULOUS AND UN-AMERICAN!!
Posted by: Harvey | March 29, 2009, 2:06 pm 2:06 pm
Wagoner should have stepped down a long time ago. What I can’t figure out is why Nardelli is still around too. That guy did a horrible job with home depot, yet that dummy is still in charge of chrysler. Get rid of his @##% too.
Posted by: TE | March 29, 2009, 2:07 pm 2:07 pm
Sounds like President Obama is getting ready to destroy the middle class, along with his tax cheat Geithner and short sighted Barnenke. No change, just more bad news for the American people.
Posted by: Paul | March 29, 2009, 2:08 pm 2:08 pm
If Obama would show up at one of his supporters homes and say “give me your SUV, turn your lights off, I’m taking the dog, and your too stupid to do anything about it” .. they’d lick his shoes and say “thank you”! Morons!
Posted by: Nick | March 29, 2009, 2:10 pm 2:10 pm
You know what is really scary? Wagnoer has more excutive experience in the last 6-months than Obama has had in his life. The goverenment only knows how to print money, not make a proffit. Im not saying Wagoner should not go, but what we are heading for is what scares me. I think the goverenment is in our business too much. Why not a investigation into the housing crisis that started this whole mess. The media wont do that, they put Obama in and for now they have to live with it. When a news network starts to report the truth the american people will wake up and fix this mess.
Posted by: bob | March 29, 2009, 2:10 pm 2:10 pm
Ridiculous comparing Obama to Chavez. Recall that the automakers ASKED for government help. This is the price they are now paying. The only reason bankruptcy is being avoided is because of the ripple effect on the supply base.
Posted by: JH | March 29, 2009, 2:11 pm 2:11 pm
About time…we better not hear about some inflated ‘golden parachute’ deal either.
Posted by: Glad to See Him Go | March 29, 2009, 2:11 pm 2:11 pm
Jeezus – now Obama wants to run GM and the rest of the car companies?? That’s right, go march into GM, kick out the CEO, and appoint yourself to the same position. Utter madness. The only thing that’s worse is all the liberals who actually support this.
So liberals, when is enough enough? Rather than scream at Bush and conservatives, why not see if you can define a point where even you would agree that Obama is overstepping his bounds – that is, unless you agree to government running all of what used to be private industry.
Posted by: Eric | March 29, 2009, 2:14 pm 2:14 pm
Obviously just another villain that has stolen enough that he can retire. This is the type that should be prosecuted. This is the perfect example of what not to become as a human being. If this was the country it was 150 years ago he’d be swinging in a tree.
Posted by: matthew | March 29, 2009, 2:15 pm 2:15 pm
….and once AGAIN you republican right-wing wackjobs are making statements that ARE NOT TRUE !!!!
Some body please show me ANYWHERE where the President “forced” this guy to resign.
A quote, link, or ANYTHING that backs up all of these crazy ACCUSATIONS !!!!
Good riddance to Wagner. He was GARBAGE !!!!!
Posted by: You YEAH YOU | March 29, 2009, 2:15 pm 2:15 pm
Our media elected President is doing great isn’t he? Hasn’t your life changed so much – for the better? Trillions upon trillions in debt for future generations? I know I know .. it’s still GW’s fault! LOL! What a joke.
Posted by: Mesquite | March 29, 2009, 2:15 pm 2:15 pm
This President of change has just appointed an AIG executive to his, “Tax Reform Task Force.” I guess he couldn’t find anyone more qualified then an AIG executive.
Posted by: Paul | March 29, 2009, 2:16 pm 2:16 pm
Ok Pelosi give hime his 300 mil so he can be comfortable after he retires.Then the people will moan and he will give back 100 mil. Dont forget to take your cut Pelosi. Oh and by the way I hear there are some free seats on the N. Korean rocket/Sat/Missle. Boarding soon Pelosi and take Dobbs with you. Then again what would the man I voted for do without Pelosi at his side. Very disapointed in his spending but ok with the Bush policy turnarounds. Mixed feelings about this President. Maybe the once great GOP can come up with something better than Palin in 2012 and I dont mean big mouth Rush.
Posted by: CAW | March 29, 2009, 2:18 pm 2:18 pm
You Yeah You .. listen dork – this guy would NOT leave NOW! My God – wipe the kool aid out of your eyes! He was forced by this administation – GUARANTEED!! It will be out before long .. remember, the truth shall set you free!
Posted by: Shamiqua | March 29, 2009, 2:19 pm 2:19 pm
There goes the second amendment. This is for real folks! http://www.snopes.com/politics/guns/blairholt.asp
Posted by: LongT | March 29, 2009, 2:19 pm 2:19 pm
Govt money buys control. GM and Crysler asked for govt money and now they pay with loss of control. Think about this when govt money buys, then rations your health care, when the Dems make more promises to “help”. More controls, fewer choices. Wonder how the unions will come out of this since they paid for protection?
Posted by: pam | March 29, 2009, 2:21 pm 2:21 pm
I wonder if the profit sucking union bosses will be asked to step down. They are more responsible for running GM into the ground. Who care’s I’d rather read about Bidens coke head daughter but can’t seen to find the story on the main stream sites.
Posted by: Jackel | March 29, 2009, 2:24 pm 2:24 pm
You Yeah – go bury you head in the sand .. “steps down at the request of the White House” – President Chavez at it again! This cannot continue!
Posted by: Kyle | March 29, 2009, 2:27 pm 2:27 pm
Obama is double-talking again. A good way to stop global warming would be to just let these auto manufacturers go out of business. He’d almost have to do NOTHING. But he’s a liar. He’s trying to save them so they can make more pollution vehicles!
Posted by: Mockingbird | March 29, 2009, 2:27 pm 2:27 pm
I am amazed at how many neocon nuts are freakig out over Obama running off a crook who showed up in a private jet begging for bailout money. Talk about idiots. I promise Wagoner will be fine, he’ll be living better than all of us for the rest of his days. He might even find a way to steal even more money out of us taxpayers.
Posted by: matthew | March 29, 2009, 2:27 pm 2:27 pm
Wagoner may well need to go, but the contrast between the treatment of the financial sector versus the auto industry could not be more stark: Wall street and the banks get taxpayer dollars with no more strings than a little on camera grilling–and an off camera wink. Meanwhile the nuts and bolts manufacturing industries that create living wage jobs for average Americans are left groveling for LOANS that are a fraction of the flat-out giveaways to the financial sector: transferring wealth upward from taxpayer to corporate titans.
Posted by: cameotoo | March 29, 2009, 2:30 pm 2:30 pm
We make the GM CEO resign but not only do we let the bank execs stay and give themselves bonuses with a wink and an elbow nudge, we “punish” them with even more money?
What is wrong with this picture. Obama’s well on his way toward doing for the democratic party what Bush did for the republican party.
I want a reasonable and respectable third party!!!!!
Posted by: jan | March 29, 2009, 2:33 pm 2:33 pm
He’s only been with GM since 1977 so I’m sure Messiah Chavez has more knowledge on what it takes to run a car company! Laughable .. if it wasn’t so damn sad!
Posted by: Simon Birch | March 29, 2009, 2:33 pm 2:33 pm
Matthew – we already got it 3 posts ago .. you’ve replaced your Farrah Fawcett poster with an Obama (Chavez) poster.
Posted by: Lyle | March 29, 2009, 2:35 pm 2:35 pm
I hope our Government realizes they will be supporting all the poor retirees down the road. That includes all types of jobs lost to other countries. Who will support all the government workers? their big salaries and benefits? Funny -only jobs growing these days are government jobs. Try raising taxes and that will make things even worse. The foreign automakers don’t care they are paying less wages and benefits with only 401′s for retirement. Their countries don’t have to support our poor retirees down the road but the U.S. will. These very high paying analysts hopefully are figuring out 30 years and not just looking at today. U.S. automakers are not nearly as rich as the bankers and they put in a real days work…..
Posted by: Carole | March 29, 2009, 2:36 pm 2:36 pm
PRESIDENT OBAMA
LIKE ANOTHER ONE SAID
WHY CAN’T YOU GET TOUGH WITH THE BANKS AND
LENDING INSTITUTIONS.
YOU BAIL OUT Arrogance Ignorance Greed
WITH MULTI BILLIONS. THESE JERKS COULD
NOT RUN A LEMONADE STAND EVEN IF THERE WAS 1 SIZE CUP, 1 FLAVOR, .25 PER CUP.
THEY WOULD STILL SCREW IT UP.
SINCE WHEN IS ONE GIVEN MILLIONS FOR INCOMPETENCE.
YOU PUT A SALARY CAP OF $500,000.00 ON
EXECS. & CEOS. IF YOU ARE GOING TO DO THAT THEN THAT HAS TO INCLUDE EVERYONE
ESPECIALLY PLAYERS OF SPORTS, MOVIE INDUSTRY, MEDIA ANCHOR MEN AND WOMEN.
I SAID EVERYONE NO EXCEPTIONS
YOU BAIL OUT BANKS LIKE BANK OF AMERICA WHO OWNS
COUNTRYWIDE HOME LOANS.
THEY JUST KEEP PUTTING ME OFF AND GIVING ME THE RUNAROUND
Posted by: porchrd | March 29, 2009, 2:37 pm 2:37 pm
From Politco: “The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.”
When is enough, enough?
Come on, people. We’re smarter than this. Are we so easily manipulated with spin, double-talk and talking points? Can’t we comprehend the difference between saying one thing and doing another.
Just because big money people are targetted now doesn’t mean you won’t be next. When did the Chinese get rid of teachers and religous leaders? Oh yeah, after the rich people. Looks like the Chinese are spending their money well.
Posted by: pam | March 29, 2009, 2:42 pm 2:42 pm
You Yeah You .. listen dork – this guy would NOT leave NOW! My God – wipe the kool aid out of your eyes! He was forced by this administation – GUARANTEED!! It will be out before long .. remember, the truth shall set you free!
Posted by: Shamiqua
================================
WAGONER WAS GARBAGE !!!!!!!
What about that statement do you not understand?
He was a terrible CEO and the state that GM is in now proves it.
Next that clown at Chrysler needs to get his tail out of there.
THROW THEM BUMS OUT !!!!!!!!
Posted by: You YEAH YOU | March 29, 2009, 2:45 pm 2:45 pm
This economy was damaged not by the auto industry but by a greed overrun financial industry, working in concert with corrupt politicians in D.C. These same corrupt politicians are still in office along with the same greedy financial executives. They are now trying to use an industry of the middle class, that their greed and corruption damaged, as their scapegoat.
Posted by: Paul | March 29, 2009, 2:56 pm 2:56 pm
Aren’t the shareholders supposed to get rid of company ceo’s? You people cheering on Obama’s takeover of business don’t know what you are cheering for. You’re being guided by propagandists and smear agents like Podesta and Carville and their media dupes. You’re acting like a mob of dirty peasants with pitchforks. I’m not defending these failed ceo’s. I’m saying govt dictating who runs private companies is not only wrong, but a move in a dangerous direction. What makes you believe so mightily in politicians?
Posted by: pam | March 29, 2009, 3:06 pm 3:06 pm
All of you that are whining about fascism and socialism are really pathetic. Truly the dumbing down of American politics. I made one mistake voting republican but as long as there people out there on that side talking this nonsense I will never vote that way again.
Posted by: Mike | March 29, 2009, 3:29 pm 3:29 pm
All of you that are whining about fascism and socialism are really pathetic. Truly the dumbing down of American politics. I made one mistake voting republican but as long as there people out there on that side talking this nonsense I will never vote that way again.
Posted by: Mike
Posted by: Alex | March 29, 2009, 3:39 pm 3:39 pm