Deal close to offer $15 Billion Bailout

Congress and the White House are closing in on a bailout for the Big 3 Automakers. The deal is expected to be worth about $15 Billion.

"Sen. Chris Dodd, chairman of the Banking Committee, said Sunday that General Motors Corp.'s chief executive, Rick Wagoner, "has to move on" as part of a government-run restructuring.

"I think you have got to consider new leadership," Dodd said on CBS' "Face the Nation."
Criticized for staying on the sidelines until now, President-elect Barack Obama voiced support Sunday for the bailout legislation being drafted in Congress. He accused car industry executives of a persistent "head-in-the sand approach" to long-festering problems." - Fox News

"In 1992, he was named GM's chief financial officer, in 1994 he became executive vice president and/or president of North American Operations, and in 1998 he was named president and chief operating officer. He became president and chief executive officer in June 2000 and was elected chairman on May 1, 2003. During his reign, GM shares have plummeted from $70 in June 2006 to as low as $2.79 in Nov 2008, a loss of approximately 96%." - Wikipedia

"GM spokesman Steve Harris said the company appreciates Dodd's support for the loans, but added, "GM employees, dealers, suppliers and the GM board of directors feel strongly that Rick is the right guy to lead GM through this incredibly difficult and challenging time."" - Fox News

So there you go, it doesn't appear that at least GM plans to make the necessary changes to make them more viable. It seems to me that if you run your company into the ground and need the someone to bail you out or you go under, then you didn't do your job and need to be fired. You can bet that in any other business, if you fail to do your job, you won't be there.

I will be really interested to see if they force Management changes.