Bill Ford, Jr., executive chairman of the Ford Motor Company, admits he was surprised at former General Motors CEO Rick Wagoner being asked to step down by the Obama administration. Even as Ford applauded the White House, saying "One of the things we've never had in the past is an administration that wants to pull all the parties together and figure out an energy policy and how to make a strong automotive industry and he is doing that," he also told CNN's Larry King: "I guess I never thought I'd live to see the day where the CEO of General Motors was dismissed by the President of the United States."
Of course, Ford isn't alone in being shocked, but there is quite a range of opinion on the matter: Some say GM taking government loans (as opposed to private sector loans) changed the rules, and the government needed to protect its investment; others say it was government interference. Regardless, the way things are going, we would be surprised if that were the last "shocking" development in the car industry saga.

[Source: The Detroit Free Press]

Share This Photo X