Off with their heads cried the populist:
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.
The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.
My 17th century French references aside, its about time someone got fired for royally screwing up their corporation. To be honest, I’m kind of surprised he didn’t get a huge bonus. Hopefully this sets a clear marker. If you’re the head of a major corporation like AIG, Citigroup, and you come to the government asking for billions of dollars, there will be consequences.
It’ll be interesting to see what the President includes in his allegedly sweeping plans for the auto industry.