Comrade PhysioProf Readers’ Poll »« LOON ALERT!

Hmm

So let me get this straight.

Pursuant to getting bailed out by the United States government, the CEO of General Motors, Wagoner, is forced to resign his position, even though he had agreed to take a salary of $1. And he was a lifetime GM company schlub, who spent decades working his way up to CEO after starting as some kind of fucking accounting functionary.

But the CEO of Chrysler–also getting its sorry ass bailed out by the US government, Nardelli, gets to stay. Nardelli is your typical master-of-the-universe corporate raider sleazeball, who has flitted from company to company, fucking up everything in his path in exchange for obscene BOD reacharounds.

Nice fucking optics there.

Comments

  1. BB says

    Put a Korean fruit stand bodega owner in charge of GM too.
    Think it sucks; should fire all the sorry-asses over at AIG and every other bank the US bought a stake in.
    Like firing Wagoner is going to help GM.

  2. says

    This is one of the problems I’m having with the current Administration over this whole economy. They want “stability” in the markets, but they tinker with it just about every damn day. I doubt forcing Wagoner to resign will result in anything beneficial, which is why it was supremely stupid to do it.

    But what do I know … I only pay taxes.

  3. says

    CPP,
    The whole fucking thing stinks.
    Either this admin is really incompetent or there are serious subplots with bad financial implications that we don’t know about (esp in the wall st clusterfuck) that is forcing the admin’s hand in these weird directions. Either way I don’t like it.

  4. says

    But Nardelli has just been in charge of Chrysler since 2007, and Chrysler’s problems are because they got fucked over by the Germans then tossed aside like a half-rotten apple core. Wagoner, on the other hand, was fucking *IN CHARGE* when GM screwed the pooch. He took a company that was on top, technologically, and ran it into the ground. Given Wagoner’s unblemished record of failure as a manager, I agree with Jerry Flint: good riddance to bad rubbish.

  5. says

    I have to say I disagree. GM has fucked over the American worker time, and time, and time again. It’s about bloody time an executive found himself on the receiving end of a pink slip.

    And I was under the impression that Chrysler was being forced to merge or they will be allowed to fall into bankruptcy…..?

    Regardless, I’m proud to have a president with some balls. I’m hoping the fucknuts at AIG are next. Everyone keeps forgetting that the bailout money for the banks came under Bush – not Obama.

    And you know what? Even if forcing the resignation was just to make an example out of GM, if it causes these greedy fuck CEOs to get their shit together out of fear of being called on the carpet then I’m all for it. These assholes haven’t had to answer to anyone but even greedier shareholders. Let this be a lesson in social responsibility.

  6. Gluecypher says

    @Badtux

    Whoooopeeeeee….it’s us fucking Germans. Again. First we started two (in words “2″) world wars and then we fucked up the Americun ecunmeee. We haff weez to makk yu takk!! Jeeesuuus fucking Christ riding on a chainsaw.

    The reason why friggin Chrysler is a piece of junk right now is that they produce cars that blow monkey ass. Face it, more or less all American cars suck. Schrempp – the then CEO of Daimler – shouldn’t have bought Chrysler in the first place. They pumped about 100 billion fucking dollars into this dump and then saw that it’s fucking useless. Major fuckup on the side of Daimler. Without the money from the Huns Chrysler would have been mud a looong time ago. Sheesh.

    @Michael Hawkins
    Yeah! Fuck…and then some.

  7. says

    Gluecypher: Daimler canceled *every* small car project that Chrysler had in progress because “Americans don’t know how to design small cars” (before then, Chrysler had the best small-car lineup in America), Daimler canceled *every* fuel-efficient front-wheel-drive follow-on to Chrysler’s mid-sized and large cars in favor of making Chrysler build barely-warmed-over rehashes of obsolete rear-wheel-drive fuel-inefficient Mercedes mid-sized and large cars that were horrifically expensive to build and required transferring $100B of Chrysler cash (and remember, Chrysler had $50B of cash *IN THE BANK* when Daimler bought them) to Daimler for the parts to build them, and forced horrifically expensive Daimler drivetrain components upon Chrysler such as the German 6-speed manual transmission in my Jeep that costs literally FIVE TIMES as much as the American-made 5-speed that served Jeeps just fine for ten years before then (it’s a Jeep, what does a Jeep need with such a sophisticated transmission?). Every single decision of Daimler seemed calculated to transfer Chrysler cash to Daimler coffers. Most of that $100B in “losses” were transfer payments to Daimler’s coffers for German parts. Then when they were finished gutting Chrysler, when they had milked every dollar they could out of it, they threw Chrysler away like a used tissue, except they’d set it up so that they’re *still * gutting Chrysler — for example, every Jeep shipping with a manual transmission is *still* shipping with that horribly expensive German transmission because Daimler designed it into them and Chrysler no longer has the money to design it *out* of them.

    I stand by my assertion that Daimler gutted Chrysler. I don’t know what else to call what I saw happening after Daimler took over Chrysler. What do *you* call it when every move by Daimler seemed calculated to extract as much cash as possible out of Chrysler and transfer it to German coffers while gutting Chrysler’s future by canceling *ALL* of their fuel-efficient automobile projects?

  8. leigh says

    chrysler came out with total crap before daimler. take the neon, those things were worthless rolling oil leaks/oil burners for their short, pathetic duration of engine life (ie, before they blew head gaskets.)

    i had to drive a rental dodge avenger last year, 12k miles and it was already leaking coolant, sounded like shit, rode like shit, guzzled gas. nevermind that their cars generally look like refrigerator boxes on wheels.

  9. says

    Bikemonkey, I’ll see you at the Defense Mine in the Panamint Valley, since Jeeps suck ass so much. Hint: My Jeep will get me there. Whatever shitbox you’re driving won’t :-).

    If your idea of being outdoors is sucking up a few rays on your big-city condo tower’s rooftop, you’re right, Jeeps suck ass. If you’re into hiking and want to travel through interesting terrain rather than spending days hiking along a Jeep road that Jeeps travel easily because your shitbox Japanese car is useless off pavement… well.

  10. Gluecypher says

    “before then, Chrysler had the best small-car lineup in America”

    Well, unfortunately having the best small car line-up in America is equivalent to having the best Baseball team on the Faroer Islands.

    “barely-warmed-over rehashes of obsolete rear-wheel-drive fuel-inefficient Mercedes mid-sized and large cars”

    A big, shameless “BWAHAHAHAHAHAHAHAH” for this one.
    Checked the performance AND fuel efficiency of the latest E-Class (or C-class for that matter. Same engine anyway)? I had one as a rental while I was on my wayy back from a business trip(fucking lucked out cuz’ there was no Golf available at Hertz) ten days ago. Cablou-eeeeeeee. Average of around 100 mph on the Autobahn (ya know, NO speed limit over here) and used 8.1 liters of diesel fuel per 100 km. So for the metrically challenged this translates to 30 mpg. At an average speed no American could ever dream of. At least if he/she wants to keep his/her license. Wanna talk fuel efficiency? With a car that runs circles around every friggin’ pice of junk chrysler ever rolled out.
    And about the cash reserve Chrysler allegedly had. With creative book-keeping that’s used in US financial reports this might be true. But not in the real world.
    Given, I also do not understand why Obama wanted to have Waggoners ass shitcanned before handing out the dough and did not impose the same restriction to Chrysler. But this does not change the least bit about the product portfolio of Chrysler. It still blows ass.

  11. freddyzdead says

    I think I’ll side with badtux on this one. Chrysler did nothing but spiral down the toilet after the krauts took over.

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