  Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 1889 Registered: 11-2005 |
Breaking news being reported on the New York Times Web site. | ||
Heedus Member Username: Heedus Post Number: 33 Registered: 06-2008 |
New blood seems to be helping Ford stay alive. Maybe the same for GM (even if the replacement comes w/in the ranks)? | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 1890 Registered: 11-2005 |
Not much of a story yet, but: http://www.freep.com/article/2 0090329/BUSINESS01/90329035/AP +source++GM+s+Wagoner+will+ste p+down Detnews.com has only one sentence so far. | ||
Digitalvision Member Username: Digitalvision Post Number: 1409 Registered: 11-2003 |
Obama said this morning that the proposed plans did not go far enough. I bet we will have pseudo-nationalization with a government-appointed CEO tomorrow; there's already a press conference in line to announce what the administration wants as far as concessions from all parties. It would not surprise me to see a government-administered bankruptcy, either. Him jumping ship now, suddenly, makes me think this is the future. | ||
Hardhat Member Username: Hardhat Post Number: 199 Registered: 10-2003 |
I can't exactly put a handle on why this news bums me out, but it does. He's a millionaire CEO, but I had the feeling that he had our (GM's, the domestic auto industry's and the region's) best interests at heart. I really got the impression that he cared. I wish he could have stayed to turn things around. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 1393 Registered: 01-2005 |
Obama will have this country so fucked up in the next two years before somebody with brains and common sense takes over Congress that the country is truly doomed. That SOB should just skip all the BS and turn GM over to the UAW and let the union run it, which is probably his plan. And Fritz Henderson probably won't be the next CEO. It will likely be an Obama appointee. What the hell is GM's Board doing while this crap is going on? | ||
Realitycheck Member Username: Realitycheck Post Number: 383 Registered: 08-2004 |
Good commentary from Nathan Bomey of Michigan Business Review. quote: | ||
Sstashmoo Member Username: Sstashmoo Post Number: 3545 Registered: 02-2007 |
Quote: "That SOB should just skip all the BS and turn GM over to the UAW and let the union run it, which is probably his plan." Probably the funniest thing I've read on this board lately. The UAW operates on extortion. Think they can run a retail business on extortion? | ||
Angry_dad Member Username: Angry_dad Post Number: 355 Registered: 02-2006 |
Rick's having a lousy weekend. Duke got their ass handed to them earlier. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 1394 Registered: 01-2005 |
Sstash: Sure they can run it. Further into the ground. They'll finish the job. | ||
Optima Member Username: Optima Post Number: 64 Registered: 12-2006 |
Predictable but sad nonetheless as the government will now officially steer the GM ship. | ||
Sstashmoo Member Username: Sstashmoo Post Number: 3546 Registered: 02-2007 |
Sstash: Sure they can run it. Further into the ground. Sorry, I took it literally, need to make it a little more sarcastic for me  | ||
Optima Member Username: Optima Post Number: 65 Registered: 12-2006 |
Heedus, Ford mortgaged every conceivable asset they had to stay afloat and that is one of the primary reasons they resisted govt. money. Love that 2010 Fusion Hybrid though; Claims to get "real world" 38 and 41 mpg... | ||
Iheartthed Member Username: Iheartthed Post Number: 3894 Registered: 04-2006 |
Finally. | ||
Glowblue Member Username: Glowblue Post Number: 202 Registered: 09-2008 |
quote: What else has Rush told you to think? | ||
Lilpup Member Username: Lilpup Post Number: 5462 Registered: 06-2004 |
He just didn't act fast enough or take changes far enough. It will be interesting to see if anything really changes or if GM remains a slow moving behemoth. (or would they let Bob step up and kick some corporate butt?) (Message edited by lilpup on March 29, 2009) | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 1395 Registered: 01-2005 |
Sorry to burst your bubble, Blue, but I've never listened to Rush in my life. I have a couple of his ties, however. Who programs you? | ||
Taj920 Member Username: Taj920 Post Number: 288 Registered: 01-2004 |
Goodbye and good riddance, Rick. You ran an American icon into the ground. How many American families and retirees have you wrecked and ruined with GM's $3 stock price? Any line worker at GM could have run the company and have had the same if not better results than you did. | ||
Sstashmoo Member Username: Sstashmoo Post Number: 3547 Registered: 02-2007 |
The unions took too much and forced the companies to agree to ridiculous terms. One needs to look no further than their legacy liability of over 115 billion dollars. Comprising of life long healthcare and other liabilities to retirees. No company can operate like that. Rick Wagoner should be commended on his accomplishment of carrying GM as far as he has. Re: GM at $3 a share, it was a $1.70 a few weeks ago. Those are some ballsy investors there. | ||
Lilpup Member Username: Lilpup Post Number: 5463 Registered: 06-2004 |
The unions aren't the sticking point. The bondholders are. | ||
Mayor_sekou Member Username: Mayor_sekou Post Number: 2659 Registered: 09-2006 |
Rick Wagoner and the also soon to be gone Bob Lutz were car guys. GM came out with really good product in the last 10 years under the direction of these two which I'm not so sure will happen when whoever takes over the company steps up. Econo shit boxes with a 4 cyl or hybrid technology may be all the Obama folk want but there are people like me still out there who actually want an actual car with a V8 and shitty fuel mileage. Sadly for that kind of car I guess I'll have to start buying German. | ||
Sstashmoo Member Username: Sstashmoo Post Number: 3548 Registered: 02-2007 |
Just make sure it's "green", whatever that means. | ||
Heedus Member Username: Heedus Post Number: 34 Registered: 06-2008 |
Optima, who do you think was behind mortgaging all their assets for $18 billion in 2006? That's right, Mulally. He became CEO on Sept. 5, 2006 and Ford mortgaged its assets on Nov. 11, 2006. Also, while he's been at Ford, he's revived the Taurus name after Ford inexplicably killed the Taurus for the Five Hundred. Plus, I think that from a perception stand point, investors seem to be at least somewhat favorable to his running Ford. IMO, I am glad that Wagoner is gone. While I think he deserves credit for being an ardent supporter of this region and its roots, he's been in charge during the introductions of such gems as the Pontiac Aztek, Pontiac GTO, and previous Chevy Malibu (btw, the new Malibu is gorgeous). And don't get me started on his whole "29" campaign. Market share does not define a company. While he can't be blamed for the perfect storm that has besieged GM (and the rest of the country), he is ultimately responsible for many of the reasons that GM was in trouble before Wall Street collapsed. Whatever happens, I sincerely hope that it is the best for GM. I am an ardent supporter of the Big 3 and all that they have done for this country and region over the past century. | ||
Mikeg Member Username: Mikeg Post Number: 2307 Registered: 12-2005 |
quote: Wagoner was the antithesis of a "car guy" - he was a finance guy, aka "bean counter". | ||
Angry_dad Member Username: Angry_dad Post Number: 356 Registered: 02-2006 |
In reality, most blame goes to the clowns in Washington that still can't admit to how they've allowed trade with "our" nation to be the benefit of everybody but those that work in this nation. They sold out and we are all paying their bill. | ||
Glowblue Member Username: Glowblue Post Number: 203 Registered: 09-2008 |
quote: Perhaps GM should have built better cars, so they would have made enough money to pay their workers decent wages. But no, let blame the guy on the assembly line for the boneheaded incompetence of the boys in the boardroom. quote: LOL! GM's market share declined from 28% to 19% under Slick Rick's "leadership" | ||
Heedus Member Username: Heedus Post Number: 36 Registered: 06-2008 |
The rational conclusion is that all interested parties (unions, management, state and federal legislators, etc.) are partly to blame. It's going to continue to be a nearly impossible road forward unless all interested parties fess up to this and truly come together. | ||
Danindc Member Username: Danindc Post Number: 4656 Registered: 10-2003 |
I think it's hilarious to see how much certain people are reading into this. Wagoner chose to step down. All of a sudden, President Obama is going to run the company into the ground, GM is going to stop making trucks, and a political appointee is going to be the new CEO (despite this not happening with any of the banks that have been nationalized). Glad to see we're all so objective here. Now, does anyone care to wait for more information to see how this plays out, or should we just keep on making wild-ass guesses based on our narrow political biases? | ||
Mikeg Member Username: Mikeg Post Number: 2308 Registered: 12-2005 |
quote: Now that's hilarious! | ||
Danindc Member Username: Danindc Post Number: 4657 Registered: 10-2003 |
^^^Whether Wagoner chose to step down of his own accord, or was forced out, we don't know yet. What is clear is that he isn't the guy to lead GM out of the morass. |
