So it looks like General Motors, despite its inability to produce a credible plan by the end of this month showing it can restore itself to a viable, profitable company - a key condition for continued access to the public treasury – is going to get more bailout money regardless. President Obama will announce that tomorrow. But sans a plan, the company had to give up something, and it this case it’s CEO Rick Wagoner, who reportedly is stepping down.
“The timing of Wagoner’s departure is clearly symbolic. It’s meant to signal the nation that it’s OK throw bailout billions GM’s way because it’s a new day,” Robert Farago writes at The Truth About Cars.