GM CEO Wagoner forced out by White House :: CHICAGO SUN-TIMES :: 44: Barack Obama
Time and time again, General Motors Corp.'s board of directors reaffirmed its support for Chairman and CEO Rick Wagoner, even as the company piled up billions of dollars in losses and begged for government loans to stay alive.
But Wagoner is now a high-profile casualty of government intervention, forced out as part of the Obama administration's sweeping last-ditch effort to save the century-old auto giant.
You have failed to actually SHOW the government is running the firm and you have run away from questions that actually deal with how a firm is run.
Rather then show how the government is setting line speeds, part suppliers and vacation time, actual running of the company you stick to the asinine argument that they replaced the CEO, which as a shareholder, the government is given the right to, and therefore Obama is running the company.
I made the joke about how stockholders according to your argument are running the firm. You failed to understand it due to your lack of understanding of corporate structure.
"If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu
A $50B cash infusion gave the government the right. Any workout equity firm would do the same thing. You would question the judgment of a workout firm that did not make the sitting CEO show cause as to why they should not be immediately terminated. That all said, the government is substantially a passive investor.
Did anyone mention that this last ditch effort paid off, saved thousands of jobs, prevented more spent on unemployment and will result in the treasury getting all of its money back with likely a profit?
I don't see a problem here. Let's move along.
Last edited by upsideguy; 06-18-10 at 04:40 PM.