He may have gotten his money, but it looks like General Motors CEO Rick Wagoner didn't make any friends in Washington during the process. Over the weekend, Senator Chris Dodd (D-Connecticut) remarked on CBS' Face the Nation that the vertically gifted CEO should "move on". He did not specify, however, whether or not Wagoner's resignation would be baked into the $15-17 billion aid package that the House and Senate will vote on this week.
Dodd is chairman of the Senate Banking, Housing and Urban Affairs committee that grilled all three Detroit CEOs last week, and at times during the questioning seemed sympathetic to the plight of each CEO. Nevertheless, more scrutiny has been cast on Detroit's request for government assistance than another other industry, especially the financial industry that seemingly gets tens of billions of dollars from Congress for batting its eyelashes and giving its best come hither look. We know of no financial institution that has sacrificed its CEO at the altar of public appeasement, though Wagoner's record as CEO of GM from 2000 to the present does him no favors.
Meanwhile, President Elect Obama appeared on Meet the Press yesterday and suggested auto executives should lose their jobs if they don't end their "head in the sand" approach to decision making.
[Source: BusinessWeek, Photo by Brendan Hoffman/Getty]