General Motors chief executive officer Rick Wagoner spoke to media just minutes ago at a news conference following the White House’s decision to loan the automakers $17.4 billion. He expressed his confidence that GM would be able to meet the conditions, which include concessions from every level of the automaker.
Wagoner said that the automaker will “fully and rapidly” implement its restructuring plan, which includes shedding assets and cutting salaries across the board. Wagoner told the media that he will have “something to say” regarding the sale of Hummer during the first quarter of calendar year 2009 and that the automaker is still evaluating options for Saturn dealers. He did not mention Swedish automaker Saab, though it’s expected that GM will heavily market that luxury brand to outside buyers.
He called the federal loans a blueprint for the automaker’s next 100 years. He said that the automaker plans to reinvent itself and help lead an economic recovery for the United States.
The automaker has no plans to merge with Chrysler, Wagoner told the media. He said that the focus is on “executing the GM plan.”
12/19, 12:04 PM
posted by:
Borat
If federal loans generated blueprint for next 100 years and not company on its own it will be gone in 4. By the time new(old) president will be re-elected this corpse will be buried.
12/19, 12:04 PM
posted by:
Lariat Luxury Locomotive Liner No.3
GM will never survive with Wagoner or Lutz at GM.
12/19, 12:11 PM
posted by:
Tritonpower5.4
Of course he is gonna say he is confident they can survive. what is he gonna get on and say. “Yeah were a crappy company that makes crappy cars and I think were goin under.” Come on LLN. Come on GM. Dont be captain obvious.
12/19, 12:18 PM
posted by:
shaver
Thats all the assurance I needed to sleep well tonight.
12/19, 12:39 PM
posted by:
Gundy
Me too! And, Wall Street bankers are restructuring to give us the finest, safest investment possibilities too, with no regard for their own personal wealth, they’re just concerned about helping people, they’re people-people, they all just love helping people! (zzzzzzzzzz…).. And, what if GM goes bankrupt and disbands in three months? Does Wagner go to prison for lying? I don’t think so, it’s just like the rest of America, there are no consequences for actions, in general. I mean, well, you know what I mean..
12/19, 1:02 PM
posted by:
jonmiles
^No I dissagree. The no-consequences policy only goes for individuals whose net worth is more than 10 million
12/19, 1:07 PM
posted by:
howsmydriving
Yes, GM will survive. No, Chrysler won’t.
12/19, 1:24 PM
posted by:
Tritonpower5.4
I dont think that GM will survive with Wagoner at the helm and Lutz up his butt. These two need to be gone and then GM may survive, maybe even become profitable one day, but this is the first step in GM’s reformation.
12/19, 2:30 PM
posted by:
Tripleoneflipper
They will both resign within a year , now is not the time for them to do that.
12/19, 3:16 PM
posted by:
Lariat Luxury Locomotive Liner No.3
Actually, being dismissed immediately by the board of directors would be the best thing that ever happened to GM in its present state; a sign of the changes needed, and respect to the American taxpayer for being bilked in the first place.
12/19, 3:30 PM
posted by:
Borat
LLL3, Wagoner spent 8 years picking the right board. They are not about fire him, because next guy will bring his entourage and will release the board. If his name would end with a vowel it would be called MAFIA, but since it isn’t – it’s kosher.
12/19, 3:47 PM
posted by:
Lariat Luxury Locomotive Liner No.3
@Borat, I am afraid you are right.
12/19, 4:25 PM
posted by:
simonc
Sorry guys, but I think GM with Wagoner, are going to be just fine. I know that’s not the general feeling in here, but …
12/19, 4:37 PM
posted by:
Lariat Luxury Locomotive Liner No.3
Fine in a sense that they’ve made prior funeral arrangements? I hope that the plots are already paid for. Oh, wait, this bailout should buy those gilded mausoleums needed.
12/19, 6:45 PM
posted by:
tripleonefive
Keep posting Flipper
12/21, 9:34 PM
posted by:
MOrtgagestar1
Weisel Wagoner was on Fox Finance and refuse to say what HIS personal concession would be. He beat around the bush talked like a politician. Like most American CEOs , he will help destroy GM and walk away with tens of millions of dollars. Chrysler’s parent company posted huge profits of billions last year yet is like a starving hog at the money trough. Ford says they don’t needd a bail out but will take the free handout anyway. GM just can’t sell overpriced low quality , unattractive scrap. The ones making out here are lawyers and UAW bosses.
12/22, 11:51 AM
posted by:
Tripleoneflipper
o.k.
12/22, 1:39 PM
posted by:
jackjimturkey
what else would you expect him to say?