Apparently not satisfied with efforts to nationalize banks, the Obama Administration is getting more involved in other industries, as well.
Sunday it was revealed that General Motors Corp. Chairman and CEO Rick Wagoner would step down immediately at the request of the White House. The news comes as President Barack Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
Obama is to announce measures to restructure GM and Chrysler today in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more, according to The Associated Press.
So, either Wagoner disagreed with the Administration regarding GM’s future direction or the Administration simply wanted him out so it would have a free hand in telling company officials how to run the company.
One thing you can count on: All GM’s future problems, no matter who’s responsible, will be attributed to Wagoner. He’s now the official fall guy.