GM's Viability Assessment[pdf]
Auto Restructuring Fact Sheet[pdf]
Warranty Commitment Program[pdf]
The fall of General Motors Chairman and Chief Executive Officer Rick Wagoner was unavoidable. There is no way President Obama could hand out more billions to a management with a practically unblemished record of failure.
GM CEO Rick Wagoner Is Ousted By the United States Government
Yes, it's certainly good news; the Wagoner management was never going to turn around General Motors (nyse: GM - news - people ). Never. After all, Wagoner has been chief executive since 2000 and head of North American auto operations six more years before that. His predecessor and mentor, Jack Smith, became chief in 1992. GM lost market share in the U.S. in all but a couple of those years. The losses in Wagoner's last four years topped $80 billion.
Worse, GM seemed adrift in this crisis. Its European operations--and they are key to saving GM--seem to be without serious direction. In the U.S. we hear mostly of program cancellations, and the Vice Chairman Robert Lutz, Please click here to read the rest of this story.
As expected, the Markets took a huge jump of a cliff, over the news of the firing General Motors (GM) CEO Rick Wagoner, and the banks financial situation. The Dow fell 254.16 (-3.27%) at 7522.02 ; and Nasdaq dropped 43.40 (-2.81%) to 1501.80 .
