ANSWERS: 6
  • Obama did not fire him. It was made clear to GM if they wanted more billions changes would have to be made. The CEO took the hint and quit.
  • That's it basically, you want stimulus money, we will give you money on the condition the CEO is no more. Sdso t he CEO has to leave for the sake of keeping the Corporation funded.
  • He didn't, that is a rumor started by some bloggers, not news sources. He doesn't have the power to fire someone in the private sector. If you read the actual news source they say that he made an agreement with GM to restructure their management and they agreed to do that for some bailout money. One of the first ones they fired was the CEO of GM who had been under fierce scrutiny since before the movie "Roger and Me" came out. The CEO successfully sued Michael Moore at the time the movie came out for libel. He was the only one who has been successful at doing so. But, he was under investigation by his company for a long time. The other part you didn't hear about from the sensationalist bloggers was that Obama told the Chrysler corporation the same thing. People who run their company into the ground have to pay for it now instead of passing it on to the consumer as in the past.
  • ok, here is a line by line explanation: In March of 2008, President George W. Bush agreed to loan the big 3 money to continue operations. part of the agreement was that by March of 2009 they had to have a viable plan of action to continue operations and or pay back the loan money in full. in March of 2009, the Auto companies presented the plans to the White House. apparently, GM's plan was so bad that they were told that they would have to pay back the money in full, or restructure, and it was recommended that the CEO resign at that time. the CEO resigned, and the company began restructure, currently they are headed by a new CEO (his name is Fritz Henderson)
  • I think when bailing out the GM the government became the biggest shareholder of the company and got every right to fire the CEO.
  • the same way he fired the guy,right off the bat, in OUR Federal Reserve branch....an old man that was horrified and an opposition...because He Can and gets away with it.....

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