The government will do what it takes to help the ailing automotive industry. If that includes having to ask chiefs to step down, it turns out, so be it.
The White House announced that General Motor’s chief, Richard Wagoner, has been asked to step down and obliged. The move signifies the first major step of the administration to restructure the automotive industry.
US’ largest automaker, GM, has been staving off bankruptcy for the past months. While previously posting positive news about how GM is inching its way out of running out of cash, it seems that the government is really putting its foot down.
The administration’s request apparently was made during a meeting of the president’s Auto Task Force – a special group appointed to help the beleaguered auto industry. GM has yet to provide an official comment on the matter. GM did not provide official comment.
The auto industry chiefs were also subject of criticism after arriving in Congress in private jets to ask for government funding. This time around, they came in hybrids a reply to the government’s stern warning.
It just makes one wonder why they can’t do the same for AIG’s chief.
Source: ABC News
