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Re: GM's Rick Wagoner to step down effective immediately

Why only GM?
Chrysler Head was not asked to step down?

There have been a lot of changes under Rick Wagoner for the better, let's hope they continue.
For someone who knows nothing about the Auto industry(OB)
to give there turn around plan an F grade, makes me think it was a good plan.

Lets hope they release the details, and let the people decide who was right and who was wrong.
If you want to see what a govt directed car looks like , try Russia.
(Hint) it stinks.
 

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Obama Gives GM/Chrysler Bankruptcy Deadlines


Just ahead of the Obama Administration's press conference today, some of the most important details are already out.

General Motors is to be given 60 more days to complete its restructuring plan, while Chrysler is being given just 30 days to finalize a partnership with Fiat.

This news comes as both fumbling U.S. automakers are set to fail to meet the March 31st restructuring deadline as a qualification for the initial bailout funds.

Both automakers will be given additional funds to ride out the recession until the given deadlines. Chrysler requires $2 billion by tomorrow in order to avoid cash flow issues, while GM is looking at an additional $2 billion to keep itself afloat through April.

Both deadlines comes after the Obama administration's Auto Task Force determined that the current restructuring efforts by both General Motors and Chrysler would not make either company viable even if the economy improved.

If the two American car manufacturers cannot meet the deadlines laid out by the Obama administration, the cash flow will be halted and the companies will be forced into bankruptcy.

More: Obama Gives GM/Chrysler Bankruptcy Deadlines on AutoGuide.com
 

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General Motors CEO Rick Wagoner will be stepping down as the head of the deeply troubled American auto giant by the end of the month - this according to several reports including CNBC and GMInsideNews.

Wagoner apparently did not come to the decision on his own and while he was not "forced" he was apparently asked to abdicate the General Motors throne by senior White House officials. GM's Vice President, Fritz Henderson is expected to take over the helm of the company (We don't envy him).

Wagoner took up the position of CFO at GM in 1992, becoming executive vice president in 1994. In 2000 he continued to move up the corporate ladder, taking a new position as president and chief operating officer, adding chairman to that long list of titles in 2003.

During Wagoner's reign, GM's shares have taken a catastrophic hit, dropping from a high of $60 to a low of $1.27 - a loss of roughly 98 percent.

More: General Motors CEO Rick Wagoner Quits: Restructuring FAIL on AutoGuide.com
 

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Re: GM's Rick Wagoner to step down effective immediately

It was not long ago that GM's stock was way up. But with the collapse of the real-estate market, caused by loose lending encouraged/forced by Congress, the economy has tanked. Consumers are not buying. You can't fix a business if no one is buying your product. Sure a business can always be be run more efficiently, and changes to Union agreements and down sizing and focusing will all be good in the end, but GM is just a casualty of the real issue.
Government caused this issue and now they are making it seem as if Rick and others are the problem. F'n classic
 

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I sorta want to defend Rick, but I can see why Obama didn't like GM's plan. GM didn't really submit a plan, did they? GM has so many problems, I like the "planned bankruptcy" option. They gotta get rid of legacy costs if they want to compete with Toyota and Honda.
 

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Where's Lee Iacoca when they need someone??? Oh yeah Lee left GM years ago to take over Chrysler and ran it into the ground then went to the government for a bailout, Chrysler has been abiled out three times now. I guess it's time both GM and Chrysler needs new management and a thining of the top brass!


It looks to be enevitable that GM will be forced into bankruptcy to try and turn them around, but the bigger problem is will GM restruture themselves to become competitive or will they go back to the same old business as usual? GM made the mistake of buying Saab when it was on the verge of failure, guess the CEO's don't think of what GM has done in the past with buying up other failing auto companies to turn them around and give them new life, GM has done this several times over with different companies and regrettes it later only to sell off those they bought at a loss as well. I think it is time GM thins out it's lines, unfortunately this will leave some thinking that it's not fair to kill off another brand or two but with all the redundancy within GM, on the models produced maybe customers won't mind the loss of one or two brands. I know that GM has stated that Saturn is up for sale and if they don't find a buyer for this then they'll close Saturn. same for the Hummer, which really wasn't needed, but Hummers fate won't be by finding a buyer, it will be removed from GM totally. I hated it seeing when Oldsmobile was brought to an end but what can you do, GM felt that it was the right decision to end the Oldmobile line and eliminate making those models, which probably helped some.
 

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this sucks. proud to drive a chevy
 
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