I guess this should not really come as a surprise to anyone, but according to Politico.com, the CEO and chairman of General Motors has agreed to step down after pressure from President Obama. According to the article:
"Wagoner's resignation was one of the remarkable strings attached to the new aid package the administration is offering GM, based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department."
Since when has the Treasury Department run anything well?
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.
The article further states:
"The administration calls the task force "a cabinet-level group that includes the secretaries of Transportation, Commerce, Labor and Energy. It will also include the chairman of the President's Council of Economic Advisers, the director of the Office of Management and Budget, the EPA administrator, and the director of the White House Office of Energy and Climate Change. The Task Force will be led by Treasury Secretary [Tim] Geithner and [National Economic Council] Director Larry Summers." "
Maybe I'm just cynical, but it will be interesting to see if in this very obviously pro-union administration, the auto unions are asked to make any concessions in this deal. Stay tuned.
Leave a comment