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The ax has fallen on GM chief Rick Wagoner’s neck. With one swing, President Obama put an end to Wagoner’s reign at the helm of the struggling auto giant. GM had asked the government for another bailout amounting to a further $16 billion in loans. Instead, the Obama administration pledged only to fund GM’s operations for another 60 days while it develops a sweeping restructuring plan.
Obama’s team also took aim at Chrysler, pushing it toward a merger, and threatened bankruptcy for both Detroit giants.
What do you think? Is it about time the government took forceful action or do the moves smack of socialism? And why go after the automakers but leave the management at failing banks in place?