Wagoner quits!


GM’s big boss, Rick Wagoner is quitting the company.
Apparently, this move is part of the restructuring agreement with the Obama administration.

GM has been doing pretty badly for years. Losing $82 billion in the past 4 years alone.
Someone has to take the blame.

Who do you think should replace it?

My vote goes for Bob Lutz. Why not put a “car guy” in charge? For once…

Click on the title to read the whole New York Times article.

Conversation 24 comments

  1. Here we go.

    The government is now dictating who runs companies. This means de facto nationalization of GM, because unless they put in a puppet of the Obama administration the next guy will be ordered out also.

    Change? This ain’t change …. it’s Cuba.

  2. the government dictates the company because first the company voluntarily gave up power and handed the company to the government.

    Nobody said the company had to be run by the government. The company agreed to a sale to the government and is now owned by the government. That is the company’s choosing.

  3. Didn’t Bob Lutz already get pushed out? As much as people hail him for being a car guy, lets not forget the cars he helped develop didn’t succeed in bringing GM out of its 30-year tail spin. GM’s turn around plan had potential but as we now know, it was too little too late.

  4. It had to happen sooner or later.
    Im sure can can retire now anyway from what he was getting paid.
    Hes probably set for life.
    Or he could possibly get a job as a car groomer at a GM dealership and start at the bottom again.

  5. He didnt quit. Obama forced him out. This is the beginning of the end for our country.

    Lutz? Yeah, sure. Obama will dictate who gets the job.

    BIG GOVT and BIG BROTHER are here.

  6. I am in shock that we can stand by and watch this happen. Government has no right to take control of a company. This is not good and can not lead to anything good. This government is pushing for energy efficient automobiles. I predict that in 5 years, the gas engine will be history. Battery powered junk will be the vehicle of choice, thanks to a government that knows what is best for its people.

  7. Bob Lutz recently retired, already.

    Rick Wagoneer was doing as well as he could, given the situation.

    That said, GM needs another MuLally like Ford has…but those seem to be in short supply. Not exactly a position many would want, but is needed.

  8. Without the government and our tax money, there would be no more GM. So get rid of all the bums who run GM into the ground. And that includes Bob Lutz – they are all clueless.

  9. Obama is stupid, all the US taxpayer dollars are flushed down the toilet to pay back unions. The solution to GM and Chrysler problems is called Chapter 11. The union have this adminstration in the bag and we that tax payer are suffering for it.

  10. Wow some of you people are off the deep end. The American Government isnt TAKING OVER THE THE AUTO INDUSTRY ( In this case GM) Like some Russian dictator.
    GM is going into bankruptcy which means its pretty much up to the Government to do whatever they want with it anyways. Its like if you personally went bankrupt. The bank would sell your assets and they basically take control over whatever you have. Obviously this is FAR more complicated, but the principle is the same. Plus thousands and thousands of peoples jobs are at stake.
    Wagoner drove GM into the ground, he produced terrible product and since hes at the top. Hes solely responsible.
    Its a good thing the government it choosing who will lead GM. They NEED somebody who can get the company rolling and moving in the right direction. Think about it. Think about how much out economy relies on the auto industry and how many people lives depend on it in america. So they BETTER pick somebody good.

  11. The unions share equal responsibility. For decades they’ve made unrealistic demands basically telling the executives to just make it work. The US auto industry has never stood a chance to be truly profitable under these circumstances. The execs basically said this ain’t feasible I might as well milk it for what it’s worth and what they got was basically chump change relative to the size of the industry, important symbolically of greed in the US today, but the amount they skimmed off the top didn’t make the milk sour.

  12. The unions share equal responsibility. For decades they’ve made unrealistic demands basically telling the executives to just make it work. The US auto industry has never stood a chance to be truly profitable under these circumstances. The execs basically said this ain’t feasible I might as well milk it for what it’s worth and what they got was basically chump change relative to the size of the industry, important symbolically of greed in the US today, but the amount they skimmed off the top didn’t make the milk sour.

  13. I think Obama did Wagoner a favor — he pretty well screwed the GM workers and stockholders though.

  14. Wagoner probably knew this was going to happen so he just hung around and collected his huge salary and milked the bonuses until the end.

  15. GM is just another welfare beggar and brat like Obama supporters,,,This is a payoff to the UAW with money stolen from the taxpayer.

  16. Bob Lazar from Area 57 would be the most logical choice, since he has had first hand experience with advanced alien technology! He could save the entire American automotive industry single handed!

  17. Lets not forget that the government has given GM and Chrysler a TON of money and without it, GM and Chysler would be done by now. Bob Lutz is obviously not the guy for this company. They really need someone who is much firmer and willing to make some hard choices.

  18. The GM CEO probably feels his severance still pales in comparison to his counterpart Chrysler CEO Robert Nardelli who received almost $300 million in severance compensation when he was let go from Home Depot.

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