Posted tagged ‘Rick Wagoner’

GM CEO Rick Wagoner to Resign at White House Request

March 29, 2009

Big news about General Government Motors!

General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

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GM lost $31 billion in 2008 ($9 billion in Q4 alone) and more analysts lately have been questioning the viability of the company. This sounds like a job for…..

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SuperObama! Faster than mainstream media’s ability to focus! More powerful than a global economic downturn!. Able to turn a bankrupt company into a profitable enterprise in a single┬áday!

Or not. Details to be announced tomorrow. Stay tuned, kids.