Mar 30, 2009 -
Cutting The Cord
As Ralph Kramden would say, "Out, out!"
General Motors Corp. Chief Executive Officer Rick Wagoner was forced out after President Barack Obama’s task force decided he was unable to craft a plan to save the automaker he ran for more than eight years.
Sometime today, the President is going to outline his ideas for GM and give them 60 days to devise a plan that cuts deeper and makes more changes.
It sure seems like the end result of this is going to be a restructuring under bankruptcy protection. And if that happens, a lot of folks are going to want back a lot of the money that's been thrown towards Detroit.
Read more at Bloomberg.com
