First, in exchange for more bailout money, GM has just 60 days to get its shit together. Chrysler gets 30 days to finish creating an alliance with Fiat in exchange for $6 mil. And, Bill Ford II probably is wiping his brow right now.
Plus, the Obama Administrastion asked GM CEO Rick Waggoner to step down and he did. Politico suggests that it’s because of Waggoner’s long tenure at GM, and his role in making the company so truck and SUV dependant.
The New York Times goes along, noting that Obama has (rightfully) criticized GM management before.
And, although this original story wasn't clear, GM gets no more money over these next 60 days; it has to "prove up" first.
As for Chrysler, the Fiat deal is the ONLY chance of it making a decent small car any time in the next decade.
OK, now that I’ve given Obama a deserved kudo.
Why the hell won’t he do the same under TARP with banks? Kick some ass and boot some CEOs?
The Detroit News unloads with both op-ed barrels on this issue.
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