http://www.nydailynews.com/money/2009/03/29/2009-03-29_president_obama_forces_gm_boss_rick_wago.html
Rick Wagoner, the head of General Motors, one of the biggest car companies in the world has stepped down at the request of President Obama. He rejected GM and Chrysler's requests for more government money and asked them to shape up and come up with a better plan. Wagoner has run GM for the last eight years, which have been very chaotic and rocky. GM is asking the government for more than $15 billion. President Obama is establishing a hard-line approach to get the carmakers to better allocate their money rather than just handing out free cash.
I think it's a good thing what President Obama is doing. Although I think he should not be able to tell Wagoner to step down, I believe it is a good move. I don't think the government should give out any more money. It's a waste of government funds and completely against the ideals of our government. Whatever happened to capitalism?
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2 comments:
It's all about money nowadays. The president needs to watch what he does when it comes to spending.
I agree with Obama rejecting to provide money. There is other matters we have to worry about. Companies like those have to have a back up plan just in case there is a recesssion, like we have now. I feel bad for Wagoner, but he should have seen it coming because of the situation we are in.
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