Bill Dupray at the Patriot Room is of the opinion that ousted-by-Obama GM CEO Rick Wagoner is a sissy:
Let’s just get this out of the way right up front: The former CEO of General Motors, Rick Wagoner, is a spineless, gutless, cupcake. Not only did he run General Motors into the ground (from the time he took the reins as CEO in 2000, until the time he was fired by President Obama at the end of last month, GM stock lost 98% of its value), which means he sucked at his job as a car executive.
But Wagoner is guilty of an even bigger crime than that.
He allowed the United States government to take control of America’s largest privately-owned auto manufacturer. He allowed Barack Obama to kick in the door, and in one fell swoop, nationalize one of America’s oldest and greatest companies.
Dupray goes on to discuss why this happened, and is of the opinion that it’s because Mr. Wagoner took the bailout money from the government rather than making the hard decision to declare bankruptcy. It’s a good article, and well worth reading, especially this:
So Wagoner’s spineless decision to take the bailout not only resulted in a pile of wasted taxpayer dollars, Wagoner also lost his job, the company will file for bankruptcy anyway, and worst of all, Barack Obama is now the CEO of the company. All because Wagoner didn’t have the guts to say, “Thanks, but no thanks.”
My take, however, is somewhat different. Had Mr. Wagoner taken the hard step in the first place and declared bankruptcy, not only would he have lost his “golden parachute”, but he would also have lost the “reserve chute” he activated when President Obama kicked him to the curb. I think Wagoner’s decision to take the bailout money (and subsequently bail out) was based soley (or in large part) on his own self-interest, rather than spinelessness.
By sticking around as long as he could, he guaranteed himself a long comfortable retirement, thanks to GM, President Obama, and especially we the taxpayers. Or as Ed Morrissy at HotAir put it, “GM gets to pay Wagoner a fortune for not working.”
Ultimately, how many other CEOs will qualify for the “Ousted by Obama” tee-shirt, and what will the final cost to the country be?