This GM mindset is why they will ultimately fail. If they are sucking
up large amounts of tax money then they (GM/Board) are *not*
they Golden Rule is-He who has the Gold makes the rules. GM isn't even
on the Dow any more.
Kicking Wagoner out caused outrage and shock at GM
BY JEFF GREEN and DORON LEVIN
Rick Wagoner arrived at the U.S. Treasury building in Washington for
another appointment with government officials about the survival of
General Motors Corp.
It was March 27, almost nine years after he become chief executive
officer. He'd been summoned by Steven Rattner, the Wall Street
deal-maker running President Barack Obama's auto task force.
He didn't know Rattner's team had decided it needed to break GM in order
to fix it. Wagoner, unwilling to consider bankruptcy, was in the way.
Rattner asked Wagoner for a one-on-one chat in his office. He told
Wagoner it was time to step down.
Wagoner returned to the meeting room and told Chief Operating Officer
Fritz Henderson and Chief Financial Officer Ray Young that he was fired.
They were shocked. Some board members were furious.
"I want out," said one GM director. "When they made the decision to fire
Wagoner without talking to the board, that did it. We had a conversation
with Rattner. I told him it's our responsibility to pick the CEO."
Wagoner declined to comment for this report. People who know him say he
is still upset and spending time at his vacation home on Daufuskie