Obama Fires GM’s CEO?
As I woke up to the sound of my radio alarm clock – and I’ll be honest, “woke up” is a little generous – something strange filtered into my brain from the generally boring news broadcasts. Something so strange, in fact, that I was sure it was a mistake or that I had misheard it in my groggy state of half-sleep. I really didn’t think more of it.
But throughout the day this news persisted everywhere I looked: The President of the United States just fired the CEO of General Motors. Convinced that this simply could not be the case, and that Mussolini had not risen from the grave, I sought a few clarifications.
What I found didn’t exactly assuage my fears, but perhaps prevented me from buying a “Don’t Tread On Me” flag and protesting in the streets. It seems that the administration requested that CEO Rick Wagoner leave GM after which he immediately resigned. One wonders what kind of “requesting” was done.
Last I had checked, CEOs were appointed by shareholders or their representatives. You know, where the people who actually own the company get to decide who is in charge of it? Sounds like a good idea to me. That the CEO could be forced out by the President of the United States violates basic principles of ownership and capitalism.
Ahh, but who are we kidding? As soon as GM went to the federal government for help, they opened themselves up to the arbitrary whims of politicians. Now we know why Ford balked when it came to groveling before Congress. Be careful when you sell your soul to the devil, he just might understand the terms a little bit better than you do…
- 2 Comments
- Tags: fascism, GM, Obama, Rick Wagoner
How does GM’s new confidence plan tie into this? If you don’t know the one I’m talking about it’s the one were if you loose your job within a certain amount of time of buying one of their cars they will make up to 9 months worth of payments at $500 or less a payment.The plans messed up to begin with since no auto company offering this would make loans to people at risk of being laid off, but it sounds like something Obama would want around. Will he be keeping it as one of those stipulations to GM getting bailout money?
Reply[...] 2009, a new American President had secured enough influence to be able to fire the CEO of the largest car company in the United States. Two months later, the federal government took a controling interest in the company through an [...]