In Defense of Rick Wagoner

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Perhaps if a CEO fails in his fiduciary duty once, it can be overlooked. Twice, it should raise eyebrows. Three times? Didn't the first two times make it clear?
Some people, like former Corporate Express CEO Mark Hoffman, magically get second chances and go onto betray their new overseers as well (he ran private company APS of Houston into bankruptcy before he jumped to Corporate Express and then did his "magic" there as well). Don't investors learn?

Steve of CO 1:40AM September 10, 2011

Is Mr Wagoner a Republican or Democrat?

David Cook of MD 9:40AM March 30, 2009

Detroit has operated at razor-thin or even negative margins to keep pace w/ gov't supported transplants. Yeah. They've also made some short-sighted decisions over the years.
But such had been the American way for most large businesses. Parceling away our manufacturing and technology base for successive quarters of "growing profits" has systemically corroded our capacity for making value; and trashed our prospects for well-paying jobs.
"Progressives" wail about the trucks and SUV's the domesticate marketplace demanded; the oligarchs delight in fewer laborers earning living wages. Detroit doesn't stand a chance.
And does anyone seriously expect coal-powered (ultimately) electric cars to save the day?
Some years back, a carbon tax and fair trade could have worked. But it's too late now for even logic and political will.

jumperpin of IL 1:13AM March 30, 2009

I disagree with most of the comments. I thought the Ford Head with his Toyota experience, and Rick were making great strides. Both had too many lines, though I think Saturn should remain with GM. Rick Waggoner did change the philosophy of GM. The problem is that our pretentious Americans wanted those big SUVs, and where do you need a Hummer? Not in a vehicle of that size! The other member of the former Big Three has real problems and I see little coming out-of-an-alliance with FIAT.

Bill Weightman of NJ 7:49PM March 29, 2009

Rick has been in charge for years and fired essentially no one in management. The same managers are there now that were there 3 years ago. If your team is utterly failing to meet objectives, and you aren't doing something about it, you are a lousy manager.

of KY 12:21PM January 14, 2009

You know at first I thought the hell with the auto manufacturers' based on the fact that if you believe in capitalism and the right to make money in this economic system then you must also believe that not everyone will make it and some must go belly up.....it's the capitalistic way! But then after some talk with some friends (retired company CEO's, middle size business owners, working stiffs like me, etc.) I've come to the conclusion that we really don't have a choice but to bail them out.
I base my reasoning on the following:
Unionization...at one time in our economic history the needs for unions was a no-brainer. Now, as evidenced by this mess, the unions have effectively driven the prices up on these automobiles so as to make them, not overpriced, but non-profitable for the car makers. This can't be put on the head of Wagoner or any current Detroit CEO. If any of the auto makers failed, then it is obvious that this would hurt many Americans, but out of failure is born creativity. I would venture to say that some new car company with visionaries at the helm would start up another auto manufacturer that wouldn't be shackled in the same old way the current auto makers are and the biggest shackle now is the UAW.
The use of my tax money. I have no say when we, as a country, give loans (but most of the time outright grants) of my tax money to countries all over the world without any regard on how the will pay us in some way. Most of the time we get stabbed in the back by those countries that we have helped with MY TAX MONEY!
In this bailout scenario at least I know that this money will supposedly help a fellow AMERICAN and I can take some comfort in that.
To paraphrase Harry S Truman: "They may be sons of bitches, but they're our sons of bitches".
Like most things we have been through as a nation, we will survive this and persevere. It is our American heritage.

Mike of TN 3:57PM December 19, 2008

1)It is a shameful and indefensible act to destroy cars that people were willing to pay for. Period.
2)It is also indefensible to wait until you have the American economy by the proverbial economic balls before crying poor. They did this on purpose.
3)Anyone that flies on a private jet to ask for money WILL NEVER be a good manager of money. It shows just how detached they are from the way the average person lives or the average company in other countries operates. This too is indefensible.
3 strikes and your out...This is America, right? Maybe not anymore...
4)I've got news for all these Harvard MBAs and other so-called educated experts, including the Fed chair, and that do-nothing SEC chair. They all need to go with Wagoner and find other jobs. The same people that are telling you we cannot afford to let the auto companies fail, are the same people that didn't know we were in a recession until we were in one for nearly a year. Did it ever occur to these people that the failure of our car companies would be BENEFICIAL to our economy in the long run (I'll explain later). Oh yeah, I forgot, we don't think that way anymore because we want everything NOW!
5)Rick Newman, I don't know who you are, haven't read your books that you are pumping here, but I would be happy to debate this with you any day, but you will be too chicken to call.

Erik Levy of WA 2:48PM December 19, 2008

It does not matter who will run this company?They have been cutting for 30 years.Americans want to buy cheap products from other countries.Americans cannot work for 3$ per hour .The people coming out of the rice patties will.Americans money has gone to China and to the oil crooks.This all started 30 years ago and has accelerated.The money is gone and most Americans are about to witness the trail to poverty and can only blame themselves.They want their neighbor to work for less.The clothing industry started this outward spiral of jobs and thus the Americans money is now gone and we have a 10 trillion $ deficit.People on the west coast think its cool to drive forien vehicles.Now California is going broke and needs money from the tax payers.Sorry for them. They should call Japan and China and ask for some of their money back.Or maybe the Californians could work for 3$ per hour.If their is only a glimmer of hope,the Americans will start buying from American made and American companies.Buy American now or you will be directly effected even more then now!Time is running out.WE could be owned by China in the very near term.Remember when this is realized and blame not your neighbor but look into the mirror.Do you want your children to be run by the communist?Blame yourself!!

Stan Smith of MI 10:39AM December 14, 2008

The AUDACITY of GM and GMAC. They want taxpayer money to bailout a failed business model. On top of that they want to raise capital (anyway they can) so they qualify for TARP money. Which means they are not big enough to be considered a bank, yet! My opinion of GM was low but they have hit ROCK BOTTOM in my view. Big fat bloated PIGS at the feeding trough eating everything they can at taxpayer expense. Let them all fail!!

FedupWith GM of CA 4:50PM December 12, 2008

Comparing his compensation to a bunch of thieves, and credit him for a management team that brings down the company are not much of a defense, are they?

Jwatch of MA 1:01PM December 10, 2008