Discuss Detroit DISCUSS DETROIT! Wagoner Stepping Down Archive through March 29, 2009 Previous Next
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Rhymeswithrawk
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Username: Rhymeswithrawk

Post Number: 1889
Registered: 11-2005
Posted on Sunday, March 29, 2009 - 5:05 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Breaking news being reported on the New York Times Web site.
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Heedus
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Post Number: 33
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Posted on Sunday, March 29, 2009 - 5:13 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

New blood seems to be helping Ford stay alive. Maybe the same for GM (even if the replacement comes w/in the ranks)?
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Rhymeswithrawk
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Posted on Sunday, March 29, 2009 - 5:22 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Digitalvision
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Post Number: 1409
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Posted on Sunday, March 29, 2009 - 5:27 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Hardhat
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Posted on Sunday, March 29, 2009 - 5:42 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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3rdworldcity
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Post Number: 1393
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Posted on Sunday, March 29, 2009 - 6:03 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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?
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Realitycheck
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Posted on Sunday, March 29, 2009 - 6:19 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Good commentary from Nathan Bomey of Michigan Business Review.
quote:

Is Wagoner the notorious ship captain who rows away while the boat is sinking? . . . In fact, many people will celebrate.

But let's hope the parties fizzle quickly. We don't have the luxury of wasting time on celebrating Wagoner's fall from power. . . .

Wagoner, ultimately, was not the executive to steer GM through the end of this crisis. . . . Time for someone willing to do whatever it takes to save GM.

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Sstashmoo
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Username: Sstashmoo

Post Number: 3545
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Posted on Sunday, March 29, 2009 - 6:26 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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?
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Angry_dad
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Post Number: 355
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Posted on Sunday, March 29, 2009 - 6:57 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Rick's having a lousy weekend. Duke got their ass handed to them earlier.
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3rdworldcity
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Post Number: 1394
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Posted on Sunday, March 29, 2009 - 7:07 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Sstash: Sure they can run it. Further into the ground. They'll finish the job.
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Optima
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Post Number: 64
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Posted on Sunday, March 29, 2009 - 7:09 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Predictable but sad nonetheless as the government will now officially steer the GM ship.
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Sstashmoo
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Post Number: 3546
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Posted on Sunday, March 29, 2009 - 7:14 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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 :-)
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Optima
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Post Number: 65
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Posted on Sunday, March 29, 2009 - 7:14 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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...
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Iheartthed
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Username: Iheartthed

Post Number: 3894
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Posted on Sunday, March 29, 2009 - 7:15 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Finally.
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Glowblue
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Post Number: 202
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Posted on Sunday, March 29, 2009 - 7:29 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

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?



What else has Rush told you to think?
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Lilpup
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Username: Lilpup

Post Number: 5462
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Posted on Sunday, March 29, 2009 - 7:34 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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)
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3rdworldcity
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Post Number: 1395
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Posted on Sunday, March 29, 2009 - 7:39 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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?
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Taj920
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Username: Taj920

Post Number: 288
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Posted on Sunday, March 29, 2009 - 7:48 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Sstashmoo
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Posted on Sunday, March 29, 2009 - 8:04 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Lilpup
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Post Number: 5463
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Posted on Sunday, March 29, 2009 - 8:06 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The unions aren't the sticking point. The bondholders are.
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Mayor_sekou
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Username: Mayor_sekou

Post Number: 2659
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Posted on Sunday, March 29, 2009 - 8:06 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Sstashmoo
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Posted on Sunday, March 29, 2009 - 8:10 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Just make sure it's "green", whatever that means.
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Heedus
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Username: Heedus

Post Number: 34
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Posted on Sunday, March 29, 2009 - 8:11 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Mikeg
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Username: Mikeg

Post Number: 2307
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Posted on Sunday, March 29, 2009 - 8:15 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

Rick Wagoner and the also soon to be gone Bob Lutz were car guys.



Wagoner was the antithesis of a "car guy" - he was a finance guy, aka "bean counter".
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Angry_dad
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Post Number: 356
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Posted on Sunday, March 29, 2009 - 8:27 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Glowblue
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Post Number: 203
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Posted on Sunday, March 29, 2009 - 8:46 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

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.



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:

Rick Wagoner should be commended on his accomplishment of carrying GM as far as he has.



LOL! GM's market share declined from 28% to 19% under Slick Rick's "leadership"
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Heedus
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Post Number: 36
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Posted on Sunday, March 29, 2009 - 9:02 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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.
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Danindc
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Username: Danindc

Post Number: 4656
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Posted on Sunday, March 29, 2009 - 10:01 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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?
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Mikeg
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Post Number: 2308
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Posted on Sunday, March 29, 2009 - 10:05 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

Wagoner chose to step down.



Now that's hilarious!
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Danindc
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Post Number: 4657
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Posted on Sunday, March 29, 2009 - 10:10 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

^^^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.