GM CEO steps down

[gsvol]

Yes, the POTUS firing the CEO of a major private corporation scares me. However, I will admit that I keep thinking: "All bets were off when you signed on the dotted line for that bailout money."

The real reason Waggner was ousted by Obamba.

From 2000, when Wagoner took over the Detroit-based auto-maker, through the end of last year, GM and its PAC contributed $1.7 million to Republican candidates and committees, compared only $815,000 to Democratic ones,

How about banks seized by the FDIC when they refused to take bail out money??

So what choice does big business have?, 1. take money and submit to government control or 2. submit to government control.

At what point do we say this is a fascist regime in Washington???

So will the federal government take over the administration of state governments who refuse stimulus funds will all sorts of puppet strings attached?

Or should they just go ahead and fire republican or independent governors and appoint more socialist friendly ones???

 

[allvol123]

As I said, the plans GM does or does not come up are irrelevant. Obama cannot afford to let them fail. I imagine new cars are on the way for most government agencies, wonder what make they will be? Hmm...

Article - WSJ.com

U.S. Treasury Secretary Timothy Geithner said Sunday that unemployment could go higher before the economy begins to recover and insisted that ailing auto maker General Motors Corp. "will be part of this country's future."

 

[gsvol]

Elizabeth Warren, a Harvard law professor and chair of the congressional oversight committee monitoring the goverment's Troubled Asset Relief Program (TARP), is now calling for the firing of the nation's top bank executives..................

In addition to the firings, Warren said that other essentials needed to ensure the survival of the banks include accurate valuation of the troubled assets currently being held, and wiping out current shareholders.

Tiny Tim Gatemouth: Get Federal Help, Government Decides Your Executive Line-Up


The government may require new faces in executive suites at banks requiring "exceptional assistance" in the future, Treasury Secretary Timothy Geithner said Sunday.

Geithner denied there was a double standard .........

Asked if chief executives of big banks such as Citibank and Bank of America should worry about their jobs if their companies don't improve their performance, Geithner said the government would not shy from such a restructuring.
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"Legal plunder can be committed in an infinite number of ways; hence, there are an infinite number of plans for organizing it: tariffs, protection, bonuses, subsidies, incentives, the progressive income tax, free education, the right to employment, the right to profit, the right to wages, the right to relief, the right to the tools of production, interest free credit, etc., etc. And the aggregate of all these plans, in respect to what they have in common, legal plunder, that goes under the name of socialism." --French economist, statesman and author Frederic Bastiat (1801-1850)

 

[gsvol]

"Apparently, it's OK for Obama to fire the head of General Motors, but Bush can't fire his own U.S. attorneys. (even then, Bush fired six but Clinton/Renal/Holder fired them all but still the clamor by the demotard masses)gs

It is generally agreed that the Obama administration's demand that Rick Wagoner resign as chairman of General Motors is the price of GM's accepting government money.

To promote the sales of GM vehicles, Obama says the government will stand by your GM car warranty. And all the taxpayers will get a lube job.

The new GM owner's manual will come with a disclaimer: 'Close enough for government work.' ...

Now that the government owns everything, there's no end to the dead wood that can be cleared out.

Except the problem is ... most of the dead wood exists only because of the government in the first place.

Capitalism has its own methods of clearing out dead wood, which the government keeps preventing by forcing the taxpayer to bail out capitalism's losers."
-- Ann Coulter