Thanks Rick, and See Ya, Buddy
GM Chief to Resign at White House's Behest Obama Pushes General Motors and Chrysler to Slim Down, Make More Concessions
By Peter Whoriskey Washington Post Staff Writer Monday, March 30, 2009; A01
The Obama administration has forced the longtime head of General Motors to resign and said yesterday that it would withhold additional federal aid to the auto industry unless the ailing companies undertake changes they so far have been unwilling or unable to make.
The administration effectively rejected as untenable the business plans that GM and Chrysler had submitted to restructure their companies, saying that neither had fulfilled the terms of the federal loans the companies received in December.
. . . Between 2005 and last year, Wagoner oversaw more than $73 billion in losses.
His defenders, however, have noted that during Wagoner's reign GM has led the industry in renegotiating key contracts with the United Auto Workers. Those revised contracts allow automakers to pay new hires much lower wag…