Do you agree with President Obama’s decision to fire General
Motors Chairman and CEO Rick Wagoner?
THIS WEEK’S QUESTION:
“Do you agree with President Obama’s decision to fire General Motors
Chairman and CEO Rick Wagoner?” Yes: 9 No: 1
? Karen Anderson: “The government is figuring out a way to make it legal, despite AIG’s claims otherwise. Bottom line: no more bailout, at the least.”
? Bert Berson: “Yes. it was Obama’s duty. GM’s board sleeps through problems.”
? Chris Bryant: “I consider this a failure on the part of the board of directors. A president/CEO is not a one-size-fits-all position and the board of directors really should have been more proactive in realizing that they needed a new leader for the present economic and company conditions.”
? David Cohen: “No. We live in a time where people want someone to pay the price whenever something goes wrong. Wagoner was a scapegoat regardless of how you assess the situation.”
? Dennis Kennedy: “Yes! A tough decision and a tough action, but we are in tough times!”
? Linda McNulty: “Yes, I think The President needs to send a strong message regarding ‘bailout’ companies. Alternatively, Wagoner did cut GM’s work force from 177,000 to 92,000, reduced wages, and reduced benefit expenditures. I guess he just didn’t work fast enough.”
? Henry Miller: “Of course. After all, according to Charles E. Wilson, former head of General Motors and Secretary of Defense under President Dwight Eisenhower, in testimony to a Senate subcommittee, ‘What’s good for the country is good for General Motors, and what’s good for General Motors is good for the country.’ Li’l Abner’s character General Bullmoose agreed. And who are we to disagree with General Bullmoose?”
? Lisa Pampuch: “Yes. President Obama clearly learned the lessons of the Bush Administration’s no-strings-attached Wall Street bailouts that resulted in the AIG bonus scandal. If you want government money, the government can and should attach strings to the funds.”
? John Quick: “Yes. It is a ‘shot across the bow’ warning to others getting government money to act effectively. It will also tend to unify the Democratic Party behind the Obama plan by increasing accountability. It has already happened with AIG and others, so it is not unprecedented.”
? Emily Shem-Tov: “Yes, it sends a strong message about the top to bottom changes that the company is going to need to make to survive this – especially if they want to receive additional federal bailout money to help do it.”
? Steve Staloch: “Yes. Failing public companies should not expect an infusion of taxpayer money without strict oversight and accountability. Accepting the money was an option made available to the automaker, not a mandate.”
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