3/30/09

Barack in charge

Well, here's a great precedent:

GM CEO Wagner out; US sets new rules for GM, Chrysler

It was a tough day for the auto industry, as General Motors’s (GM: 3.62, 0, 0%) CEO was forced to step down, while the Obama Administration set strict new deadlines by which GM and Chrysler had to take steps toward financial viability and declared that Chrysler was not viable as a standalone company.

GM (GM: 3.62, 0, 0%) CEO Rick Wagoner is stepping down immediately, the government said on Monday, and is being succeeded by the company’s Chief Operating Officer, Fritz Henderson. Kent Kresa, a GM board member since 2003, will serve as interim chairman.

GM declined to comment on the executive moves.

A White House official told FOX Business that Wagoner was asked by the Administration to step down as a precondition for the company to continue to get help with its restructuring.


So now we have the president dictating to corporations who will run the show. Well, I guess that's a natural offshoot when the company sticks its corporate hand out and begs for billions of tax dollars.

But really now. The government? Aside from those who have drunk gallons of Obamanian Kool-aid and really think the government will keep their bellies full, their houses warm, their feelings happy, do we really think that Barack Obama, dancing to the Pelosi and Emanuel tunes, is the best judge of who should be running a company?

The Obama regime has also rejected the automakers' "plans".

Here's a corker:

The Administration plan will backstop warranties on new vehicles bought from auto makers participating in this plan during the time they’re restructuring. The cash contribution will be 125% of the costs anticipated by the manufacturer to satisfy projected claims – 15% of the projected cost will be paid by the auto company, and the Treasury Department will cover 110% of the projected costs.


If I read that right, Barack Obama is underwriting warranties for automobiles? Using your tax bux and mine?

The lunatics really are running the asylum.