President Obama forces GM boss Rick Wagoner to step down

I agree with this post. I'm sure that the CEO was ineffective, but I absolutely feel uncomfortable with our President dictating who runs private companies. However, many companies after the "bailouts" are, at least, partially owned by the federal government.

Quite a slippery slope we're sliding down, isn't it?

 

in a story on the news sometime in the last couple of days, i caught the tidbit that gm stock has fallen 96% under wagoner's leadership.

im up and down on not on that he has been forced out, but how he is out. to me, that kinda drop is not good management, and i can see a major change being required for a company getting such a substantial bailout.

he should have been paying gm 23mil, not taking it as a golden parachute. which is something else that bothers me.

 

im just saying it would help, we can even print the money on hemp. think about all the money that would be saved that goes into the criminalization of marijuana. Taxpayers are paying a billion dollars a year to incarcerate pot users and dealers. And this is not counting the 8 billion a year taxpayers pay in criminal justice costs. Think of all of the business legalizing it would create.


According to federal statistics, about 94 million Americans – that’s 40 percent of the U.S. population age 12 or older – self-identify as having used cannabis at some point in their lives, and relatively few acknowledge having suffered significant deleterious health effects due to their use. America’s public policies should reflect this reality, not deny it. It makes no sense to continue to treat nearly half of all Americans as criminals.

 

Would you call that a double stimulus:hihi:

 

Bullsh!t. AIG's bad business practices occurred pre-bailout in the FP unit. Post bailout they have been completely transparent and above board about every penny that has been spent. All we've learned is not to believe the lying politicians and ill-informed media.

 

I am sitting here wondering why the stockholders and board of directors didnt do this.

Maybe this whole Board of Directors thing needs to go away and have a stockholders committee that would be a better watchdog.

Auto Unions , executives, and the general entitlement attitude of that industry has lead to the same greed that has failed wall st.

Because when greed is not regulated or uses basic moral values it leads to mass corruption.

The changing of the Fanniemay and freddie mac laws forcing loans to lower income high risk borrowers is a big factor in the start of the problem along with the law 10 years ago allowwing banks to take more risk combined put the greed of wall street into a fever and there was nobody home watching the vault.

Common sense laws in place after the last deep depression were changed and we didnt learn from the past.

I relate it to the breakdown of basic values in America and the sacrifice of ethics to get ahead.

Anyone here been asked to do something they know is wrong in their job by a boss. I have and i stood up to them. But it made work hard for awhile.

Do you think Madoff was the only person in that company that knew it was a scam. You would have to be pretty naive to really believe that.

 

Even though you didn't quote me, you did quote someone who agreed with me so I will respond.

In the case of an equity/venture capital firm, I would agree. You tell them to dump their CEO before we even consider it. I just feel like we are setting a bad precedent when there is no need to. As I said, it is just as easy for Obama to say, "I find it very hard to give taxpayer money to a company that has the same management that ran it into the ground. Let's see what happens in the next 30 days", and get the same result. A fine line? Hell yeah, but one that is necessary in my mind.

All in all, I am happy with what went down. So long as the auto industry gets no money, I will support the decision even if some of the secondary stuff is not perfect.

 

For the 10,000th time, they were not bonuses. The money was compensation for work done. Unless you feel that receiving government loans is valid reason for not paying employees for work already done, there was nothing wrong with making those payments.