Jewcano

iTrader: (4)

Thank you, seriously, everyone is in a hoopla attitude that he is getting the boot, but to have a politician running the government running the show after him? We are in for troubled times if anyone thinks the government will run GM any better than it has been in the past. Think of postal service quality and service transfered to GM. If they think the CEO at GM didn't care about the company, wait till you get the government involved....o boy.

DASHOCKER

iTrader: (2)

lol. The government has no intention to run GM. I see my friends are still confused.. It will compute later..

But you guys have the debate forum all to yourselves to figure out what is going on

IS-SV

Valid concern, but the board of directors was obviously weak and kept renewing Wagner's employment for years despite his failures in leading GM.

rdgdawg

WAY off topic here, but the move by gov't to oust a corporate CEO (albeit auto industry) sets a very disturbing precedent... unless it is an isolated incident... but will it be?

IS-SV

Certainly a real concern, but there is one critical factor: the government has a role since they loaned billions of US taxpayer dollars (via the Bush administration) to GM. If GM didn't want the government to intervene they never should have begged the federal government for the handout(s). Secondly Wagner was incompetent and the weak BOD should have fired him and half the executive clowns years ago.

My company and your company has not received and wasted billions of dollars worth of taxpayer-funded handouts, therefore the federal government has no say in who runs our companies.

IS-SV

I agree, those with strong large business leadership backgrounds understand.

bitkahuna

iTrader: (20)

yeah, right. (i've been in leadership positions in large businesses)

even though obama claims he/they don't want to, the govt is now running GM.

he fired the CEO. they no doubt told GM the stimulus money was depenedent on NOT squashing the unions (payback for the election), and the new cafe standards will without questions CRUSH GM.

and obama personally guaranteed warranty work for both GM and Chrysler, which is madness.

and GM's actual collapse (whether stuffed full of taxpayer dollars or not) will be a MASSIVE problem for ALL auto makers because of all the suppliers that will also be very high risk for going under.

expect to see a couple thousand GM dealers going under this year too... can you say real estate problem?

IS-SV

Yeah right, don't we all seem to have the best of crystal *****. And the real estate problem effect from dealer closures is nothing compared to the problems in the residential sector. What a mess regardless.

LexusFiend

Waggoner has done a great job with GM over the last 8 years. This is all politically motivated BS. GM's problems today stem directly from image problems dating back to the 80s and lingering union issues that will never be solved with the govt in control. I hope the new CEO continues the good work being done and gets the govt out of the picture ASAP.

LexBob2

The NADA estimates a net of about 900 dealership closures this year (closures less new openings). Some consolidation is needed so it will be interesting to see how things net out if/when things improve in the new car market. I agree, the impact on the real estate market will be minor.

Trexus

In the normal course of business you are 100% correct but in GM's case GM is insolvent and had to borrow $14 Billion back in December 2008 and still needs more money because GM is insolvent. GM cannot pay their bills as they come due. GM couldn't borrow money from the banks because the banks know that GM is insolvent and shoud go bankrupt. At this point the Government will have a say in GM's business plans because the Government loaned GM a lot of money...think about it...

mmarshall

Like I said in my original post in this thread, Wagoner was probably no better or worse than a lot of the other GM chiefs. None of them, however, presided over a GM in so poor a financial condition. And Wagoner could have helped bring back the superb Saturn division of the past....and didn't. Overall, I'd have to rate Roger Smith, back in the 1980's, even worse....he became the man who insisted that GM build junk simply to make a profit (and turned many GM owners into Japanese cars). Wagoner, despite allowing Saturn to sink (his worst sin, IMO), DID preside over some GM quality and trim improvements in their vehicles.

As far as the government "running" GM, Obama says that that is not his intention, but simply to make sure that GM restructures itself in a way that it can return to profitability by running itself.....without government money. Just how he plans to accomplish that, and if he keeps his word.....we'll have to wait and see.

rdgdawg

Has he on (pick a topic to insert here)???......

I8ABMR

He is a POS that was in command while GM lost 82 BILLION dollars. He should have been shot in a public square. I am very very confuesed as to why anyone would defend this guy. I know its not the job of the president to fire a CEO, but it needed to be done. Now maybe the CEO's of the banks and insurance firms will trip out a little on their job security. Wagoner is a POS who will get a 20 million dollar golden parachute. Dont feel sorry for him.