Filed under: Government/Legal, Hirings/Firings/Layoffs, GM, Earnings/Financials
Calling for GM bailout may cost Wagoner his job
General Motors' CEO, Rick Wagoner, who's been manning the helm for the last eight years and a part of its staff since 1977, has taken some heat for asking the Feds for a bailout. A possible condition for those funds may be the symbolic sacrificial death of its current leader, according to a slew of analysts polled by Bloomberg. Whether true of false, there seems to be a sense that the CEOs of U.S. automakers are some of "the dumbest people in the world," according to ex-Chrysler prez. Thomas Stallkamp. Ouch. Ford has stated that it doesn't need a bailout and Chrysler is actively looking for partners to keep itself alive.
In the last few months, when the government has bailed out institutions such as AIG, Fannie Mae and Freddie Mac, one stipulation was that its top management be replaced, and that sentiment may stick around if the Detroit 3 receive packages of their own. Although Wagoner isn't likely to step down willingly, he may not be given the choice if some legislators get their way. Here's an unanswered question, though... who would be the best man to replace him?
[Source: Bloomberg]
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Reader Comments (Page 1 of 5)
letstakeawalk 4:45PM (11/14/2008)
Too bad Delorean is dead...
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geo.stewart 5:45PM (11/14/2008)
brink Jacque the knife to the auto industry
Daniel 6:12PM (11/14/2008)
Please - replace all these jerks with just about anyone who has the single most important attribute for success in the auto industry. This is the one attribute that the leadership of the Big 3 has been missing since the '60s. OK - want to know what this one thing is???
Passion for great automobiles!
If they have this true passion for great autos, and that passion is reflected in their products - everything else will be fine.
It's like Jack Palance told Billy Crystal in City Slickers - "It's just one thing. What one thing? That's for you to figure out."
AkulaX1 6:48PM (11/14/2008)
I'm sorry to budge in into your replies but i just want this appear up top so everyone can see this
Why does everyone feel like it's necessary to copy cat all this fab crap like that stupid talk ( i likez and so on) to lame (epic fail) Don't you have some originality left in you or do you feel as if you need to use that fab to make up for your terrible catch phrase to get ppl to read your article?
CarbonBlack 9:07PM (11/15/2008)
Replying with unrelated info, at the top comment, so you can be seen, is BS!
CarbonBlack 4:47PM (11/14/2008)
Dear Baby Jesus up in Heaven,
I don't ask for much, so can you do me a favor? Please have this bastard fired, and make him panhandle on the side of a road for the rest of his life!
Thanks
-Nick
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CarbonBlack 4:49PM (11/14/2008)
PS, Don't be mad that I am atheist, If you get him fired I'll believe in God!
Jo 5:19PM (11/14/2008)
It is a great pity that I can only click that "thumbs up" icon once for this.
TigerMil 10:46PM (11/14/2008)
That's ok..I'll give it a thumbs up too!
toronado455 4:49PM (11/14/2008)
Steve Jobs? :-P
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Shipey 4:53PM (11/14/2008)
Toyota is smug enough, we don't need another one.
fixitfixitstop 12:30PM (11/15/2008)
I think Jobs has his hands full enough as it is, and the computer and digital animation businesses don't really have much in common with the auto business.
Mel. R 4:49PM (11/14/2008)
In answer to the thought bubble in the picture: No.
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3szoom 4:50PM (11/14/2008)
How this idiot is still around is beyond me, he should have been thrown out years ago. Wagoneer is a typical example of what happens when you put accountants in charge of companies that produce a product.
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carlbolt 5:34PM (11/14/2008)
don't forget his lieutenant, probably his succesor, the President and COO was an accountant like him(CFO). how can a carmaker is run by a bunch people who literally don't know cars.
mike 4:51PM (11/14/2008)
i waited as long as i could. i dumped all the GM stock that i've had for years. it's a big hit, but at least it will make a difference on taxes because i sold other stock this year at quite a gain.
wasn't the old saying something like "as GM goes, so goes the US economy"? if that's true, we're really in more trouble than anyone knows...
m/
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JZeke 4:55PM (11/14/2008)
Thankfully thats a rusty old saying, and no longer holds water.
Frank 4:57PM (11/14/2008)
lol thats when GM made money, when "what's good for GM is good for america"
Lee 5:23PM (11/14/2008)
Only a moron sells when stock is low.
That One Person 5:33PM (11/14/2008)
You sure about the JZeke? Did you read the earlier article about how if GM went under, something like 2-3M people could possibly lose their jobs? That's a lot of people to unload onto our economy without jobs. The fact that they won't have the money to pay mortgages, buy groceries, etc. could be a huge hit to our country.
Also, what happens if Chrysler and Ford go under, also?