@flim: Dont you want CEO's who run their companies into the ground to get fired?
Absolutely. But do it through reforming the standards for Boards of Directors, because that's their jobs.
If we're relying on the Feds to decide when/who to fire, we've got problems. But since our nation's new mantra is "prioritization through media coverage," I can understand why it was done.
@flim: Wagoner ran GM into the ground like Obama ran the economy to shit. Except that the recent downturn in GM sales is attributable to an outside source. The economy is what is killing GM. Not the unions. Not the product line. Not Wagoner.
And since Obama "caused" the economic crisis. He should be held accountable for GM's troubles.
@flim: Precisely my point. Look at the state of GM before Wagoner took the reigns. Lots of improvement in the meantime. A few missteps as well, but then just as things were looking up... bam, shit hits the fan completely out of Wagoner's control.
I'll just say that I hope that Obama can make as many good strides to help the economy as Wagoner did to improve GM. I'm not saying that Wagoner is a saint, or that he is necessarily the best man for the job. But his ousting at the behest of our President is purely for show. I have little faith that anyone is going to do better in his position in the near term. But the public outcry necessitated a sacrifice for the loans.
@Unregular: Please understand that that was not an implication that Obama actually caused the economic turmoil, but merely an illustration that Wagoner inherited his fair share of problems when taking the helm at GM. GM was making great strides under Wagoner, and no man had the ability to maintain sales amid frozen credit markets. Toyota sales are down, too. There may have been someone who could have run GM better, but GM would've been screwed regardless or who had been running it for the past 8 years.
@lilwillie: It's especially entertaining when he can find an Alzheimers sufferer who is the honorary figurehead of a group he doesn't like. That makes it pretty easy.
The world needs a few more Werner Herzogs and a few fewer Michael Moores.
I'm not saying Wagoner didn't need to go. And I'm not saying that most execs aren't brining in a little more than they're worth. But there are really people who think that government should pick and choose the heads of corporations?
How about we let Jack Welch choose the next three Supreme Court justices?
@Ash78: When the government has invested $15-billion in a corporation, then yes indeed, the government should have a say in how it's run. I'm eager to hear your argument justifying the contrary: that the government should fork over billions of dollars to bail these Detroit clowns out, yet should have no say whatsoever in how those billions of tax dollars are spent.
The fact that the government is financing and running GM is not the problem. The problem is that the government is also financing failed financial outfits like Goldman-Sachs, AIG, the Bank of America, etc., etc., etc., at a price tag whole orders of magnitude greater than the auto industry bailout, yet these failed companies's arrogant, incompetent executives with their world-record-setting history of complete ineptitude and shortsighted recklessness haven't been fired, but are still busy today mismanaging these companies - that is, when they're not busy handing out billions of dollars of "performance bonuses" to one another.
@wkiernan: I just expect guidelines, not a bunch of ad-hoc management (by either the government OR the recipients of bailouts)
If the government is offering money and wants to take a stake, their stake should be like any other shareholder--proportional to their ownership.
What I'm seeing lately is a lot of "Here, have some money" followed by some public outrage, then followed by an impromptu reaction by the Fed. It's like governing by popular approval.
@.357:Half Man-Half Amazing: I saw Bowling for Columbine, and I liked it for the most part. I didn't realize he was a fat/half assed idiot until I watched his other works (of fiction, or half-assed, so called journalism).
04/03/09
He tried to get the CEO's of GM, Ford and Chrysler to change the oil in one of their vehicles.
The only CEO to do it was from Ford!
"Good for another 3000 miles."
[en.wikipedia.org]
04/03/09
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04/03/09
If you cant listen to common sense because you dont like who is telling it to you, then you are the problem with america right now.....
04/03/09
Absolutely. But do it through reforming the standards for Boards of Directors, because that's their jobs.
If we're relying on the Feds to decide when/who to fire, we've got problems. But since our nation's new mantra is "prioritization through media coverage," I can understand why it was done.
04/03/09
And since Obama "caused" the economic crisis. He should be held accountable for GM's troubles.
GM needed a scapegoat. It's all politics.
04/03/09
Obama wasnt in office when the economy was run to shit.
04/03/09
Somebody get me a bottle of something. Anything.
04/03/09
I'll just say that I hope that Obama can make as many good strides to help the economy as Wagoner did to improve GM. I'm not saying that Wagoner is a saint, or that he is necessarily the best man for the job. But his ousting at the behest of our President is purely for show. I have little faith that anyone is going to do better in his position in the near term. But the public outcry necessitated a sacrifice for the loans.
04/03/09
are you out of your mind?
04/03/09
04/03/09
+ Watch video
04/03/09
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04/03/09
I've driven those Honda's and Toyota's around the block and decided I liked my Chevy better.
04/03/09
The world needs a few more Werner Herzogs and a few fewer Michael Moores.
04/03/09
How about we let Jack Welch choose the next three Supreme Court justices?
04/03/09
04/03/09
The fact that the government is financing and running GM is not the problem. The problem is that the government is also financing failed financial outfits like Goldman-Sachs, AIG, the Bank of America, etc., etc., etc., at a price tag whole orders of magnitude greater than the auto industry bailout, yet these failed companies's arrogant, incompetent executives with their world-record-setting history of complete ineptitude and shortsighted recklessness haven't been fired, but are still busy today mismanaging these companies - that is, when they're not busy handing out billions of dollars of "performance bonuses" to one another.
04/03/09
If the government is offering money and wants to take a stake, their stake should be like any other shareholder--proportional to their ownership.
What I'm seeing lately is a lot of "Here, have some money" followed by some public outrage, then followed by an impromptu reaction by the Fed. It's like governing by popular approval.
04/03/09
04/03/09
04/03/09
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04/03/09
04/03/09