Rick Wagoner

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Rattner: Why I Fired GM's Wagoner

Former car czar calls deficiencies 'appalling'

(Newser) - Barack Obama's former car czar says he had no choice but to fire GM's Rick Wagoner. "Everyone knew Detroit's reputation for insular, slow-moving cultures," Steven Rattner writes in an essay for Fortune. "Even by that low standard, I was shocked by the stunningly poor management that we... More »

GM's Wagoner to Get $8.2M, Plus $75K Annual Pension

(Newser) - Now he can fly on all the private planes he wants: Former General Motors CEO Rick Wagoner will collect an $8.2 million payout package, plus a $74,000 annual pension, reports the Detroit Free Press. If he chooses, the 56-year-old Wagoner also can cash out a company life insurance... More »

Geithner's Understaffed Treasury Is Stalled

Geithner's undermanned department struggles to execute plans

(Newser) - Nearly two months ago the Treasury announced it was booting Rick Wagoner as CEO of General Motors. But he's still technically on the payroll—because Treasury officials continue to debate whether he should receive the $20 million severance package he was promised. It's only one of many key decisions that... More »

New GM Boss: Bankruptcy 'More Probable'

Announces program to help unemployed car owners

(Newser) - In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do... More »

Obama Fully Invested as CEO-in-Chief

In Detroit and on Wall St., president decides to run things his way

(Newser) - Though he entered office with relatively little business experience, the past week has seen President Obama assume the role as “the most powerful player in American business today,” Mike Allen and Jim VandeHei write for Politico. “He’s realizing, ‘Hey, the economy’s mine now, and... More »

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been... More »

Wagoner: Optimist, Survivor, Martyr?

The long, unhappy reign of Rick Wagoner

(Newser) - During Rick Wagoner’s 9-year stint at the wheel, GM lost its place as the world’s top automaker, cut tens of thousands of jobs, and saw shares fall from $70 to less than $3. But through it all Wagoner fended off all challengers—including the likes of Kirk Kerkorian—... More »

Ousted GM Boss Gets $20M Retirement Payout

(Newser) - If Rick Wagoner is upset about being forced out of his job as GM’s CEO, his $20 million retirement package should provide some consolation, ABC News reports. Though Treasury rules prevent Wagoner from collecting severance pay, the ousted exec is still eligible for an “Executive Retirement Plan” and... More »

Auto Task Force: GM Plan Not Viable

(Newser) - GM’s current restructuring plan isn’t going to cut the mustard, President Obama’s auto task force declared in its stinging assessment for the White House. The memo accuses GM of relying on rosy, unrealistic projections for sales, burning through too much cash, expecting too much from the rollout... More »

US Ousts Wagoner at GM, Pushes Tougher Auto Overhaul

(Newser) - The White House has forced out General Motors chief Rick Wagoner as part for a more aggressive restructuring of the beleaguered automaker than the company has proposed, the Wall Street Journal reports. The Treasury threatened to withhold billions in federal loans if the chairman and CEO refused to step down.... More »

Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing

(Newser) - GM can still avoid bankruptcy, CEO Rick Wagoner said today, telling reporters in Washington that "99%" of the company’s problems could be fixed and that he was working with the UAW and bondholders to reduce debt and costs. Bankruptcy “could work,” he said, “but it... More »

GM: Give Us More Money or We'll Go Bankrupt

GM, Chrysler working to prepare turnaround plans before Tuesday deadline

(Newser) - General Motors will put Congress between a rock and a hard place when it presents its turnaround plan next week, reports the Wall Street Journal. Insiders say the automaker will ask for at least another $5 billion in loans on top of the $13.4 billion already received to keep... More »

Calls Build for GM's Wagoner to 'Move On'

Dodd, Obama hint a change at the top is in order to get bailout

(Newser) - Sen. Chris Dodd wants General Motors CEO Rick Wagoner “to move on” and a new management team in place if a government bailout is going to move forward, reports the Wall Street Journal. While not making it an outright condition for a rescue package, the Connecticut Democrat told CBS’... More »

Obama: Dark Days Ahead, but Cultural Focus Will Re-Emerge

Condi makes rounds; UAW pleads for bailout

(Newser) - Barack Obama stressed that the economy will see darker times before things turn around, but promised in a Meet the Press interview that his White House will bring back a focus on culture and science. The president-elect also vowed to kick his smoking habit for good. Elsewhere on the talk... More »

Detroit Paper to Congress: You Cannot Turn Away

(Newser) - In an open letter to members of Congress, the Detroit Free Press insists that the government cannot turn its back on the auto industry. If it does, "there will be economic hell to pay—not just in Detroit, but all across America, including in your state, in your district.... More »

Big 3 Execs Finish With Senate

CEOs to make their case to the House tomorrow

(Newser) - The CEOs of the Big Three wrapped up a six-hour session with the Senate Banking Committee during which they asked for a minimum of $34 billion in aid, the Washington Post reports. Chairman Chris Dodd vowed to draft a bill “in the next 24-48 hours" that stood a chance... More »

Big 3 Would Agree to Oversight if Bailed Out

CEOs admit bad management

(Newser) - Detroit’s Big Three automakers would accept federal oversight in return for financial support, the Wall Street Journal reports. The chiefs of GM, Ford, and Chrysler all said that they would accept a bailout styled after that of Chrysler in the late ‘70s, which put the firm under the... More »

GM, Chrysler Mull 'Packaged' Bankruptcy to Get Bailout

Execs say that's 'way down the list,' but Detroit desperate for federal bailout

(Newser) - Bankruptcy is officially on the table for General Motors and Chrysler, a source tells Bloomberg. The companies may accept a pre-packaged bankruptcy, which would force the union and creditors to make concessions, in order to get government help. At least three congressmen have had their staffs explore the possibility. GM... More »

GM Boss Hopes Senate Gets a Charge From His Hybrid

This time, GM's Wagoner drives Volt to hearings

(Newser) - Last time they went before Congress rattling tin cups, the chief executives of the Big Three automakers made the mistake of flying to Washington in luxuriously tricked-out corporate jets. Today GM chief Rick Wagoner is driving a fuel-efficient hybrid Chevy Volt prototype to Senate hearings on the proposed bailout for... More »

Big 3 CEOs Head Back to DC—This Time by Car

CEOs of America's automakers will renew plea for bailout today

(Newser) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend... More »

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