Outside the world of domains, but certainly food for thought for all of us located in the US, is today’s news that the Federal Government has basically asked for and gotten the resignation of the CEO of GM, Rick Wagoner.
This is the first time in history that the US government has demanded that a private company fire the head of a company.
The demand of the US government comes on GM’s request for government loans to keep its business running.
Today President Obama said that the US government has “no interest in running GM” however that is quite inconsistent with its demand yesterday, that GM “fire” its CEO leading to his resignation.
What are your thoughts on this guys?
Well I am sure they did not tell “you have to fire him” but “if you want loan you have to fire him”. It’s kosher.
Living in Detroit, we see a clear double standard out of washington. The car companies have been mismanaged for years, but todays economic issues are mainly a result of poor government oversight of financial markets and bank lending, why is Vikram Pandit still the CEO of Citigroup, one of the worst managed firms in the World…The governmemt allowed these mega banks to play casino with off balance sheet funds that are the main reason the economy has fallen on such tough times…
My displeasure for politics grows daily…notice how the urgency to cap the exec bonuses has died down so quickly, you can thank all the lobbiest for this…
I think the average main street, middle class american has gotten a raw deal in every area from our leadership and they are trying to make scapegoats and divert the attention, does wagner deserve to stay on as ceo, the company lost 30 billion in 2008, I would have to say no, but then clearly if this is the benchmark a number of other ceo’s should be out of a job as well
Don
I agree with most of what you are saying.
The government is cherry picking not only industries but companies to receive billions in aid.
You’re correct about the selective nature of the government telling one company to fire their CEO before getting funding but allowing Ken Lewis at BAC to stay on, and allowing AIG and Citibank to go on with business as usual.