US rejects auto reorganization plans from GM and Chrysler

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US rejects auto reorganization plans from GM and Chrysler

Posted on March 30, 2009 by johnkreiss

The Obama administration’s auto task force has rejected the plans for reorganization from GM and Chrysler. The Obama administration’s auto team also forced the resignation of GM CEO, Rick Wagoner, and says that bankruptcy may be the best option for the automakers.

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Filed under: Barack Obama, consumer, current events, economy | Tagged: auto task force, bailouts, Chrysler, GM, Rick Wagoner

« Mark Cuban fined for criticizing ref on twitter New GM CEO to employees – restructure quickly or face bankruptcy »

2 Responses

adam hartung, on March 30th, 2009 at 4:53 pm Said:

This is what happens when you lose your position as #1. It doesn’t take long for people to start envisioning a world without you. GM started on the road to irrelevant years ago by focusing internally rather than on the market – missing all major shifts and becoming also-ran. Obama’s team is telling everyone (auto and banking) that if you can’t prove you know where the market is heading and demonstrate you can get back in front, then there’s little reason to support you. Read more http://www.ThePhoenixPrinciple.com

Reply
- johnkreiss, on March 30th, 2009 at 8:50 pm Said:
  
  Adam,
  
  Thanks for commenting. I agree completely with the premise on your blog about GM. Change or perish.
  
  John Patrick Kreiss
  
  Reply

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