Roger Kimball writes, “You have to love the deadpan humor of the folks at Bloomberg (and at Reuters, which preserves the poker face in its report)” that they can write with a straight face, “people familiar with situation did not say why” General Motors Corp CEO Rick Wagoner is stepping down.
As Roger notes, the Politico explains exactly why:
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.
On Monday, President Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler.
Industry sources had said the White House planned very tough medicine, which turned out to be an understatement. And it went to the very top. The measures to be imposed by the government will have a dramatic effect on workers, unions, suppliers, retirees and the communities where plants are located, the sources said.
Of course, GM got into bed with the government long before the bailout; but begging the federal government for operating money rather than temporarily declaring bankuptcy and restructuring the company puts them into the position of making President Obama’s GM’s de facto CEO.
No doubt the White House is planning “very tough medicine” for the rest of us as well.
Meanwhile, Greg Pollowitz suggests the logical successor; Pauline Kael could not be reached for comment.
Update: Roger adds, “GM is now in effect a US government subsidiary. You’ll be seeing a lot more of this sort of thing, I predict.” I’m sure it’s merely temporary…
Update: Allahpundit writes, “If you want taxpayer money, you’re going to have to do things The One’s way. And if you don’t want taxpayer money, TurboTax Tim might swoop in and make sure you do things The One’s way anyway”, adding, “Ever get the feeling that Obama’s not quite the centrist pragmatist Christopher Buckley thought he’d be?”
Update: All The Presidents’ Industrialists?
Update: On Twitter, Saul Anuzis asks, “GM 100 year anniversary, a rich history on the verge of disaster?”
On the verge? I’d say this is simply the freshest news of fresh disaster.
More at Wizbang.
Update: “Doesn’t this make Obama responsible for what happens to GM now?” Hey, he can always blame Rick Wagoner, Roger Smith, or maybe George Maharis.
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