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Tears for Wagoner | 28 comments (28 topical, editorial, 0 hidden)

Re: Tears for Wagoner (none / 0)

yeah well he hasn't turned his company around has he? and how many months did congress give GM to turn THEIR company around?

I'm being snarky here of course, but there's a bit of a double standard. GM gets a month or two to turn their bad business around, AIG and the rest we keep shoveling money down the toilet.

John Mccain Called his wife WHAT??

by brendan on Tue Mar 31st, 2009 at 10:58:26 AM EST
[ Parent ]

Re: Tears for Wagoner (none / 0)

Wagoner has been at GM for almost a decade. He didn't make all of the bad decisions that have led to GM begging for taxpayer money, but he made enough of them to be a big part of the problem. His consistent attitude of sticking his fingers in his ears and saying "la-la-la I can't HEEEAR YOU" for YEARS while GM was locking themselves into stupid technology decisions certainly hasn't helped the company at all, and you only need to look at Ford to see that GM could have made better decisions over this last decade and not be in quite as bad a mess as they are now.

The CEO of AIG, on the other hand, is the person that the government essentially put into place to deal with the problems of AIG. He may well be part of the problem, but he hasn't had 9 years to turn the company around. Come back to me with a torch once he's had at least a year to at least try to do something - no one can move into a swamp like that, snap their fingers and turn everything around instantly. (Except maybe Steve Jobs, but only if the swamp is Apple.)

(The CEO of BoA, OTOH, should be stepping down. As should a number of other upper-management types at these companies. But the AIG comparison just isn't workable in this case.)

by nonynony on Tue Mar 31st, 2009 at 11:07:21 AM EST
[ Parent ]

Re: Tears for Wagoner (none / 0)

I know you're being snarky, but it would be better to talk about the CEO's of Bank of America or Citigroup or some other entity that has the same leadership that led them into insolvency. AIG is a poor example for comparison to GM. Both companies lost their CEO's.

by BooMan on Tue Mar 31st, 2009 at 11:14:18 AM EST
[ Parent ]

Re: Tears for Wagoner (none / 0)

point made and point taken.

so when does ken lewis get fired?

John Mccain Called his wife WHAT??

by brendan on Tue Mar 31st, 2009 at 11:25:52 AM EST
[ Parent ]

Re: Tears for Wagoner (none / 0)

I never liked his smug attitude. I wouldn't mind seeing him unemployed.

One thing I'd really like to know is how much of the money we gave him was to provide liquidity for lending (and could presumably be taken back and refocused somewhere else for the same purpose) and how much was to keep them afloat.

That is one major difference between the auto industry and the credit industry, and it doesn't get enough attention. If I were president, I'd order a whole new fleet of government automobiles that are either electric or hybrid and give them like 3 or 4 years to come up with the models and make them. The idea would be that the next generation of vehicles would be subsidized and expedited by the assurance of a massive purchase order. That would be the equivalent of giving the banks money not because they need it but because we need them to lend it to other people.

by BooMan on Tue Mar 31st, 2009 at 12:01:34 PM EST
[ Parent ]

Re: Tears for Wagoner (none / 1)

"If I were president, I'd order a whole new fleet of government automobiles that are either electric or hybrid and give them like 3 or 4 years to come up with the models and make them. The idea would be that the next generation of vehicles would be subsidized and expedited by the assurance of a massive purchase order."

agreed wholeheartedly. and wasn't obama just talking about this a few months ago, when he lambasted the GOp over the stimulus:

Now, I read the other day that critics of this plan ridiculed our notion that we should use part of the money to modernize the entire fleet of federal vehicles to take advantage of state of the art fuel efficiency. This is what they call pork. You know the truth. It will not only save the government significant money over time, it will not only create manufacturing jobs for folks who are making these cars, it will set a standard for private industry to match. And so when you hear these attacks deriding something of such obvious importance as this, you have to ask yourself -- are these folks serious? Is it any wonder that we haven't had a real energy policy in this country?

sure would be a creative and effective way to bail out the big three, create jobs, and transition to a sensible energy policy.

John Mccain Called his wife WHAT??

by brendan on Tue Mar 31st, 2009 at 01:29:51 PM EST
[ Parent ]

Re: Tears for Wagoner (none / 0)

there is a reason I like and defend the guy.

by BooMan on Tue Mar 31st, 2009 at 01:32:50 PM EST
[ Parent ]

Re: Tears for Wagoner (none / 0)

and if it happens i will be the first to praise him.

John Mccain Called his wife WHAT??

by brendan on Tue Mar 31st, 2009 at 04:22:20 PM EST
[ Parent ]

Tears for Wagoner | 28 comments (28 topical, 0 editorial, 0 hidden)

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