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March 30, 2009

White House Forces Out GM CEO Wagoner
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In business news, General Motors Chair and CEO Rick Wagoner has stepped
down after he was asked to resign by the Obama administration as part of
the government’s demand for GM and Chrysler to restructure before
receiving more federal aid. President Obama is scheduled to unveil his
full plan for the auto industry today. The Mc Clatchy Newspapers reports
Obama will reject requests for almost $22 billion in new taxpayer
bailout money for GM and Chrysler, saying the car makers have failed to
take steps to ensure their viability. The government sought the
departure of the GM chief and said the company needed to be widely
restructured if it had any hope of survival. The government is expected
to provide the company with sixty days’ operating capital to give it
time to undertake reforms. The government will also grant Chrysler
thirty days’ operating funds, but said it must merge with the Italian
car maker Fiat in order to remain viable. So far, GM and Chrysler have
received $17.4 billion in government rescue money, a fraction of what
the government has given to help revive the banking industry.



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