And for his next act, the President will fire the biggest CEO he can find
Because it’s the “change we so desperately need” (from the comments).
Some Kausian perspective:
After visibly defenstrating GM CEO RIck Wagoner, and moving to replace the board of directors, won’t Obama now “own” the GM problem? If the company shuts down in the near future, costing tens of thousands of blue collar jobs, it will be under executives implicitly or explicitly chosen by Obama. It will be Obama’s failure, not simply GM’s failure, no? A public sector failure, not just a business failure. Doesn’t that make it harder, not easier, for the administration to walk away and force the company into bankruptcy (if, for example, the company’s plans for “viability” continue to fall short after the new 60-day deadline)? And doesn’t that, in turn, make extracting the necessary concessions (by threatening bankruptcy) more difficult as well? … This wouldn’t be the first time that financier-turned-autoczar Steven Rattner’s tendency to talk to the press–and maybe emphasize his own role–proved counterproductive.
There will be so, so much more to this.
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