Glenn Beck was all upset about dumping the GM president, Mr. Waggoner. Unconstitutional, power grab, socialism, exceeding the authority of the office, and more.
I don't buy that. Obama merely said that he wasn't going to pump any more taxpayer money into GM unless there was new management. Waggoner took the hint. He is no loss. He has been running GM since 2000. During Waggoner's time at the helm, GM's stock has dropped to worthless, market share has dropped, and they have lost money every year since 2004. Waggoner is not a car guy, he could not tell a good car from a bad one. Not like old Lee Iacocca who invented the Mustang, the K-car and the minivan. Which is why GM has few to no good cars to sell. He hasn't been able to get GM's lenders to take a haircut, and hasn't been able to get UAW to concede enough to bring GM's costs in line with Toyota's. Who needs a car company president who knows little about cars, can't negotiate with the union, can't get his quality control up, lets the corporate bureaucracy run amuck, and is ineffective dealing with lenders?
GM's board has been totally ineffective for decades, if Obama didn't give Waggoner the heave ho, who would?
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