So now Obama is firing the heads of companies when he likes. Just like some dictator in a Banana Republic. So much for free enterprise.
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.
The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.
Of course, this is what happens when you accept government bail out money. They can push you around. But they also have that bill to do this to any company they like. They’re determined to rule the land in an autocratic fashion (no pun intended).
This is part of why the government is so hot to push stimulus on everyone. They want us to be dependent on them so they can start barking orders. Obama’s only been president for two months and his power grab is a thing to behold. Watch for my new Big Hollywood post that gets into it more.
You have to wonder what this “restructuring” will involve. My guess is they will force the companies to only make “green cars”. Which only a portion of the public will want to buy. Watch.