NPR reports GM's Wagoner to resign, no successor as yet; NPR sees as part of Obama admin being tough on automakers
Update, 6:32pm: ABC News reports Obama asked that Wagoner step down. "Request by White House," exact wording.
NYTimes has article; there are numerous other reports on this.
This may be an interesting comparison with how the administration treats heads of failed and floundering banks and how it treats heads of companies which actually make things (and have unions).
I feel the US automakers' management did not prepare for necessary changes, but, again, the comparison is with financial institutions which have brough the economy to brink and how their managment has been treated in general. Like being on the inside of major negotiations and decisions with the administration....
Does this count as a GM sacrifice? From the Times article:
Speaking Sunday morning on the CBS program “Face the Nation,” President Obama stressed that he intended to maintain an American auto industry.
“But it’s got to be one that’s realistically designed to weather this storm, and to emerge at the other end much more lean, mean and competitive than it currently is,” he said. “And that’s going to mean a set of sacrifices from all parties involved — management, labor, shareholders, creditors, suppliers, dealers. Everybody is going to have to come to the table and say it’s important for us to take serious restructuring steps now, in order to preserve a brighter future down the road.” (My emphasis)
How much more sacrifice will labor, in its pensions and benefits, have to make? How many trillions to banksters, et al, and how much to manufacturers of stuff?