General Motors CEO Rick Wagoner is stepping down effective immediately at the request of the White House, according to administration officials. The decision precedes a President Obama plan to restructure the auto industry which has been failing even with funding from the government. This restructuring is part of the deal for the Chrysler and GM to recieve additional loans from the federal government. They have already received close to 18 billion in loans and are now asking for 21.6 billion more. The decision to have Wagoner step down is not entirely unexpected, though it is sure to be politically controversial.
Comments