Not sure I can blame him, who wants to work for a $1 for presumably the rest of his career there.
http://www.politico.com/news/stories/0309/20625.html ACcording to this site, he was coerced into resigning by the Obama administration.
He was forced out, not a huge surprise I guess
i am curious what would have happened if Wagoner had declined to resign. can the government remove a CEO by force?
needhelp-yep, they can say “no aid til you go”, so the choice becomes bankruptcy or resignation.
I can’t think of any reason why he would voluntarily choose to stay at that job.
tvPM Wrote: ------------------------------------------------------- > needhelp-yep, they can say “no aid til you go”, so > the choice becomes bankruptcy or resignation. i mean to say that the govt doesnt have constitutional power to do so, right? if GM and wagoner decided that thwy would go their own way and do it their way, govt cant force them to change their decision. or at least i hope thats the case.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > I can’t think of any reason why he would > voluntarily choose to stay at that job. legacy
yeah that used to be the case anyway, back when a company could do what it wanted without government involved. Nowadays so many companies have govt funds in them that they cant make decisions on their own. In this case, however, the autos have obviously been on the govt teet and wouldnt even think of doing something obama frowned upon.
needhelp Wrote: ------------------------------------------------------- > i am curious what would have happened if Wagoner > had declined to resign. can the government remove > a CEO by force? For a publicly traded company, yes (I think).
Ouch!! Vikram and Ken must be $hitting their pants now.
Government cannot make CEO of any publicly traded or private company resign just by the virtue of being government. 2 ways it can happen 1) Board of Directors 2) CEO itself Since government is their current operational lender which can pull funds at any time, if they want CEO gone, they will have CEO gone. If he did not resign, board of directors would fire him.
itstoohot Wrote: ------------------------------------------------------- > Ouch!! Vikram and Ken must be $hitting their pants > now. dont think so. govt view: bank: 1st class citizen auto: 3rd class citizen
agree BUT (emphasis here) govt is changing strategies almost every day. So I wouldn’t be surprised if Obama and Turbo Tim throw bank CEOs under the bus in next couple weeks.