Keeping with the general theme of politics that he learned at knees of King Richard Daley, King Barack Obama is replacing the Duke of General Motors (with whom the King is unhappy) with a new Duke to be announced later.
The Obama administration used the threat of withholding more bailout money to force out General Motors Corp. Chief Executive Rick Wagoner and administer harsh medicine to Chrysler LLC, marking one of the most dramatic government interventions in private industry since the economic crisis began last year.
The administration’s auto team announced the departure of Mr. Wagoner on Sunday. In a summary of its findings, the task force added that it doesn’t believe Chrysler is viable as a stand-alone company, and suggested that the best chance for success for both GM and Chrysler “may well require utilizing the bankruptcy code in a quick and surgical way.”
I don’t give a damn about Rich Wagoner. He is clearly an incompetent manager who ought to have been booted by any board actually interested in running GM. He also deserves getting tossed for being stupid and venal enough to take government money, when he ought to have declared bankruptcy and resigned like a man.
I also appreciate the President using his power to oust the guy because it gives us a glimpse of the world Barack wants to create – a corporate/government superstate. The “audacity” is instructive.
For more examples of what we are about to witness at the Federal Level now that a “King” is in town, read my older post on Feudalism.