Obama Forces Out Waggoner at GM - A Dangerous Trend for American Business?

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Obama Forces Out Waggoner at GM - A Dangerous Trend for American Business?

Posted by opportunities 237 days ago, popular 236 days ago (http://super-gas-saver.com)
Category: Business | Tags: general motors obama rick waggoner

The Obama administration can just give a company money then decide who runs the place. Scary. That might be okay if the administration was in any way qualified to name a replacement, but what if the guy (or gal) was actually doing decent job. Was he

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erranttv 236 days ago

No, exactly what needs to be done. I think Bank of America and Goldman Sachs CEOs are next. They've demonstrated nothing but contempt while holding their hands out for secret cash from the Fed.

briang 235 days ago

Whether Rick Wagoner deserved to get the boot is not the point. The fact that the government now has the power to boot CEO's, check the company's books, and more or less run your company is a very, very dangerous trend. The fact that sheeple accept/welcome their new overlords is not surprising, yet disappointing none the less.

ObliviousInvestor 235 days ago

Isn't it worth noting at least though that the Gov't only has this power if you ask them for money?

ryanpaulsmith 235 days ago

Seems like a good reason to not take bailout money. Will high level bureaucrats be held to the same standards of efficiency and production?

mwarden 234 days ago

@briang, exactly

@ObliviousInvestor, you would only have a point if Wagoner's dismissal was part of the agreement. It wasn't. You have the government unilaterally altering the terms of the agreement. That's the problem.

ObliviousInvestor 234 days ago

mwarden, I agree that altering the terms of a contract is a problem.

However, it's not exactly like the government is going after profitable companies and removing their CEOs. It's not like a business owner has to worry about the government coming in and taking over their company out of the blue.

opportunities 234 days ago

Now, however the gov is talking about doing the same thing to other finance firms. Where will it stop and how often will the government change things to suit their needs at a moment's notice. Not only is this concentration of federal gov power a scary trend, it creates the kind of uncertainty for business owners that is not good for a recovery.

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