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Reply #9: Outside Pressure Grows for GM to Oust Wagoner [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:09 AM
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9. Outside Pressure Grows for GM to Oust Wagoner
DETROIT -- General Motors Corp. Chairman and Chief Executive Rick Wagoner is coming under increasing pressure from outside the company to resign as part of any broad bailout of the auto maker by the federal government.

On Sunday, Sen. Christopher Dodd (D., Conn.), a supporter of emergency loans for Detroit, suggested Mr. Wagoner should go if the government follows through and provides billions of dollars to help the auto giant restructure and return to profitability.

....

Mr. Dodd and other Democrats on Capitol Hill are hoping for a vote on bailout legislation as soon as Tuesday to avoid a collapse of either GM or Chrysler LLC. Both companies have said they need billions of dollars this month to be able to stay in business.

....

But calls for Mr. Wagoner and others to step down appear to be growing. In a statement from his office Sunday, Sen. Charles Schumer (D., N.Y.), said that, "while it can't happen tomorrow because of the urgency of the companies' financial situation, I would like to see management changes as part of any restructuring."

http://online.wsj.com/article/SB122868452234486231.html...
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