Monday, March 30, 2009

President Barack Obama: Coercer in Chief

President Barack Obama: Coercer in Chief

All it took was a few stuttered, but emphatic words, to CEO of GM 'What's your salary, you say, uh, um, um, uh, you - we want you - to go - now.'

The spin of it all: "at the government's behest."

Leave now, or we'll tax your income back 20 years!

What a hypocrit. I believe in the entrepreneurial spirit, Obama once said.

As long as you don't make millions before we force you to take the federal help we think is necessary to keep your company afloat.

And to Chrysler... we'll keep you in clover until somebody like Fiat comes along to scoop you up at a bargain basement price!

Net the Truth Online

US demands new chief for GM, Chrysler-Fiat marriage (Roundup)
By Pat Reber Mar 30, 2009, 6:20 GMT

Washington - The US is carrying out a major family shake-up in the debt-ridden US car industry, demanding a new head-of-household for General Motors and a forced marriage between Chrysler and Italian carmaker Fiat, according to reports late Sunday in various media.

Read more: "US demands new chief for GM, Chrysler-Fiat marriage (Roundup)" -

GM CEO resigns at Obama's behest
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.

Chrysler reverses claim Fiat would take debt
Move apparently ends a public tiff between Italian, U.S. automakersupdated 2:22 p.m. ET, Fri., March. 20, 2009
DETROIT - A public tiff between Italian automaker Fiat SpA and Chrysler LLC apparently ended Friday when Chrysler rescinded a statement on its Web site that Fiat would be responsible for part of Chrysler’s debt if the two companies join forces.

Chrysler, in a Web video on Thursday explaining why an alliance for the two companies would be good for Chrysler and the country, said Fiat would be responsible for 35 percent of what Chrysler owed to the U.S. government.

But Fiat on Friday denied that it would be responsible for any of Chrysler’s debt.

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