An Offer He Can’t Refuse
Does this bailout make me look fat?
— Obama Asks GM CEO To Resign, President Also Tells Auto Exec To Cut Down on Fatty Foods –
Heralding a new era of government control, President Obama insisted over the weekend that GM CEO Rick Wagoner resign.
Wagoner had been a senior executive with GM for over 30 years.
Later today, President Obama is set to present his strategic plan for the auto industry which includes the allocation of additional bailout monies.
White House sources say the plan for the auto industry makeover is surprisingly concise. It’s a one page organization chart with a picture of Timothy Geithner at the top.
Investors shouldn’t think GM is alone in being nano-managed (we passed micro-managing back in January) by the government.
The Administration has also demanded Alan Mulally, the CEO of Ford Motor Company, be available for video conferencing prior to leaving for work.
President Obama spoke with Ford’s chief this morning and informed the CEO that the tie he picked out really didn’t go with his outfit.
The Administration “urged” Mr. Mulally to switch to a softer burgundy tie before they would approve the next $40 billion bailout payment.
Oops, Mark, bad info. Ford hasn’t taken any bailout money. They may have to, but so far not.
Ceberus is losing its stake in Chrystler, so hopefully Nardelli will be dumped, too. But I doubt Ceberus cares, they’re keeping controlling interest in GMAC, where the money is, and probably already paid themselves back from the no-strings Bush bailout (she said cynically).
So, Mulally really did change his tie.
There’s plenty of cynicism on this website to go around. :)