The double standard continues:
A senator who will help determine whether the auto industry gets a $15 billion bailout said Sunday that the head of General Motors should step down, telegraphing what could be a congressional demand for a top-line shake-up in Detroit in exchange for financial life support.
Rick Wagoner, the chief executive of GM, "has to move on," said Christopher Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee. He spoke on CBS' "Face the Nation."
"I think you have got to consider new leadership," Dodd said. Asked if that should be a condition of any bailout, he added, "I think it is going to have to be part of it."
"I think it's clear GM is in the worst shape," Dodd said before specifying the need for Wagoner to step down.
Yeah, like all the Goldman Sachs execs "moved on" -- right into the executive branch, where they could ladle out billions to their golfing buddies. And still collect huge salaries -- from the taxpayers
I don't mean to imply that the auto execs are the sharpest knives in the drawer, and maybe Krugman's right: the the auto industry should go, on the basis of comparative advantage. But GM didn't collapse the entire world economy by betting the rent money on the ponies!
It couldn't be clearer who runs the Village
: Big Money. That's why the double standard. That's why help for Wall Street NOW NOW NOW NOW and help for everybody else LATER LATER LATER.
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Yep
Double standard, indeed, and it makes me bristle.
That said, you won't find me fighting for their jobs. Though, I do have to go against the grain. I've heard call after call for Wagoner, and only Wagoner, to step down. If it were my choice, the other two would be the ones to go. Mullaly and Nardelli are CEO hoppers. They are there to collect checks from whoever will have them. Wagoner has been with GM for years, moved up through the ranks, and lives, breaths, and sleeps cars. I'm tired of Wagoner taking all of the heat. If we're even to judge on company performance, alone, than Nardelli should be the first out of the door. Fact is that as poorly as some may believe GM has been run, he's ran it better than anyone has for decades. As for Mullaly, if you ask me, he's simply been lucky. Nadelli and Mullaly wouldn't know how to run a car company if they were CEOS of one. Oh, wait, they are.
I'm really much less sympathetic towards Chrysler's leadership. Chrylser is owned by the three-headed hound of hell, and if Nardelli goes, well, I won't be shedding any tears. I really question Chrysler's future. They are the odd man out, privately owned, and it was always the thought of folks in Michigan that Cerberus was buying Chrysler to piece if off, anyway.
But, we've always been at war with Eastasia...