GM CEO Rick Wagoner has been forced out by President Obama.
A few quick thoughts.
1. Getting rid of Wagoner was long overdue.
2. Using TARP (or any Federal program) to give the President the power to fire CEOs is just wrong.
3. The GM Board of Directors should have forced Wagoner out years ago.
4. The GM BoD should have been forced to step aside years ago.
5. The same ineffective BoD will mean nothing really changes at GM, so that all these new extra bonus bailout bucks will also go to waste.
6. Chapter 11 would have gotten rid of Wagoner and the BoD ages ago.
7. But Bush and Obama have effectively sidestepped bankruptcy, using all those TARP dollars Congress never approved of for bailing out automakers.
8. This whole situation is so messed up that if I have any more thoughts, my head will explode.
9. And my bride doesn’t have time to clean up that kind of mess before our guests arrive.
What are your thoughts?