General Motors CEO Rick Wagoner has been asked to step down by the Obama administration, in the wake of The president's plan to help the ailing auto industry that will be released tomorrow. Obama will offer further federal assistance to the beleagured car manufacturers, but will couple that assistance with harsh rhetoric and deadlines for concessions from unions and creditors.
Many journalists and economists have predicted something like this may happen, after all, with the public angry at watching irresponsible companies reap government assistance, it may have been time for some heads to finally roll.
Mr. Wagoner has been the CEO of General Motors for 8 years and was one of the leading advocates of government aid for the struggling auto industry and faced withering questions from congress during the now infamous "private jet" hearings last fall.
For the record, my roommate has a Plymouth Neon, and he hates it, it broke down on him again last week.
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