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Discussion Starter #1 (Edited)
This article right here confirmed my suspicions all along about the outing of Wagoner. It's been talked about here alot on how and why it happened. I expect ALOT of blowback from this come next election.

http://www.freep.com/article/20090607/BUSINESS01/906070437/Kicking+Wagoner+out+caused+outrage+and+shock+at+GM

Kicking Wagoner out caused outrage and shock at GM
BY JEFF GREEN and DORON LEVIN • BLOOMBERG • June 7, 2009



Rick Wagoner arrived at the U.S. Treasury building in Washington for another appointment with government officials about the survival of General Motors Corp.



It was March 27, almost nine years after he become chief executive officer. He'd been summoned by Steven Rattner, the Wall Street deal-maker running President Barack Obama's auto task force.

He didn't know Rattner's team had decided it needed to break GM in order to fix it. Wagoner, unwilling to consider bankruptcy, was in the way.

Rattner asked Wagoner for a one-on-one chat in his office. He told Wagoner it was time to step down.

Wagoner returned to the meeting room and told Chief Operating Officer Fritz Henderson and Chief Financial Officer Ray Young that he was fired. They were shocked. Some board members were furious.

"I want out," said one GM director. "When they made the decision to fire Wagoner without talking to the board, that did it. We had a conversation with Rattner. I told him it's our responsibility to pick the CEO."

Wagoner declined to comment for this report. People who know him say he is still upset and spending time at his vacation home on Daufuskie Island, S.C.



***I would be too****:mad:


Learn more about Steven Rattner
 

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I am sad to see Wagoner gone but if they need outside financial help, the new owners has every right to make changes to the management board. The shareholders own the company. Everyone else are just employees.
 
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