Now that we're living in a brave new world, where the POTUS can fire CEOs, who should Obama fire next?
The president also needs a scalp to wave before both a Congress growing queasy about federal bailouts and the automaker's bondholders, who aren't happy about granting a huge discount on their GM debt.
The trick now is to find someone to run the automaker. Good luck with the headhunting.
How many top-notch corporate executives will jump at the chance to lead a company that is sinking like a rock? Who will be willing to share the corporate suite with federal bureaucrats? And by the way, the job pays a buck a year, and if you need to fly, it better be coach.
Stay tuned. At 11 we get to hear Obama's plans for GM.
Obama has been banged around the last couple of weeks because of the bonus scandal at AIG. His administration, with the help of Congress, botched the aid package to the failed insurance giant, allowing the indefensible bonuses to be paid and triggering public outrage that is increasingly focused on the White House.
Dumping Wagoner lets Obama deflect attention away from Wall Street, where his Treasury Department is still moving through quicksand, and turn it on Detroit.
He can portray himself as being tough on the corporate executives who are ruining America, without having to draw blood from the bankers.
Fire a banker? Oh lord, we can't do that. I mean, perhaps someone at AIG. But, it's easier to simply beat at the auto companies, because everyone hates them.
Hey, UAW workers? How are you feeling about teh One now? He's going to make you produce green cars that nobody wants. Then, he's going to raise gasoline taxes to force us to buy them,
I can't wait!