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Rick Wagoner, GM CEO, Will Step Down At Obama’s Behest

Huffington Post/NYT/CNBC |   March 29, 2009 05:04 PM

UPDATE:

The Obama administration asked GM CEO Rick Wagoner to step down, according to numerous reports.

According to Politico:

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.

And the Wall Street Journal adds more details:

Mr. Wagoner was asked to step down on Friday by Steven Rattner, the investment banker picked last month by the administration to lead the Treasury Department’s auto-industry task force. Mr. Rattner broke the news to Mr. Wagoner in person at his office at Treasury, according to an administration official. Afterward, Mr. Rattner met one-on-one with Mr. Henderson, who will fill in as GM’s CEO.
“On Friday I was in Washington for a meeting with administration officials,” Mr. Wagoner said in a statement released by GM. “In the course of that meeting, they requested that I ‘step aside’ as CEO of GM, and so I have.”

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General Motors CEO Rick Wagoner will step down from the company, according to several reports.

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GM cutting 10,000 jobs

Troubled automaker reducing worldwide salaried staff by 14%, with a third of layoffs coming in U.S.; remaining workers to have their pay cut for 2009.

By Chris Isidore, CNNMoney.com senior writer

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by Geezer Power


Well, here I am, a senior citizen playing a rap song. Bound to happen, like , the medium is the message. I’m not worried yet, but if & when they cut off my social security I’m going to wish I could have my share of the bail out money too. Especially if I also lose my medicare.

If I have to start mowing lawns to make ends meet, do you think that the gubmint will replace my broken lawn mower? Will they front me some money for fuel and upkeep of my equipment? I think not…G:

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To the Rescue: Bush to Give Low-Interest Loans to Carmakers

Obama Team Agrees to Bush’s Strategy

The White House has come to the rescue of beleaguered General Motors and Chrysler by providing them with $17.4 billion in low-interest loans, ABC News has learned.

“In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action,” President Bush said today. “It could send our suffering economy into a deeper and longer recession. And it would leave the next president to confront the demise of a major American industry in his first days of office.”

The money for the loans will come from the Troubled Asset Relief Program fund, signed into law this fall to bail out the financial industry.

The Treasury Department will provide $13.4 billion in short-term financing in December and January and plans to make another $4 billion available in February, provided Congress allows the White House to reach into the second half of the $700 billion TARP fund.

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