Tell me, when was the last time an executive for a private firm, someone not accused of any wrongdoing or convicted of any crime, was forced out of their position by the US government? That is what happened over the weekend at General Motors. Rick Wagoner was forced out by the Obama Administration. By all accounts, Wagoner is a well-respected, hard-working sort who has been working to set a new course for the company. The GM Board of Directors had given him their full confidence and they had gone along with some rather radical changes he made in a company where labor has long had an adversarial relationship with management. Now he is out and the signature on his pink slip is Barack Obama's.
True, Wagoner is not the first CEO to lose his job after taking part in a government bailout. The CEOs of mortgage giants Fannie Mae and Freddie Mac were forced out after the government took over the companies in the fall. Robert Willumstad, the former CEO of American International Group Inc., left the compa... [Read Full Article]