Just when you were getting fed up with all the news about the White House, GM, and Chrysler… Along comes this announcement from the Associated Press:
“Speaking from Buckingham Palace in London early Wednesday morning, President Obama outlined his new agenda to form a CEO Advisory Panel to monitor, assist, and advise the current leadership of both GM and Chrysler. Although the full details and specific duties of the panel are unclear at this point, there have been reports from White House staff that the panel will have to power to veto any executive decisions made by the leadership of the failing automotive giants. It is also reported that the panel will be in daily contact with both the CEO of GM, Fritz Henderson, and the CEO of Chrysler, Robert Nardelli, and will be intimately involved in the negotiation process.”
Are you kidding me? What exactly does the government think its role in all this is? The article continues on…
“… it has been confirmed that Obama has appointed long-time automotive icon Lee Iaccoca to head this new ‘CEO Advisory Panel’, which comes on the heels of Monday’s “forced” resignation of then-CEO Richard Wagoner. In a week that has already seen unprecedented levels of government intervention in the private sector, the Obama administration has proven, yet again, that it is going to keep the pressure on GM and Chrysler to solidify concessions from the debt holders and the UAW.”
Look, I’m as big of a Lee Iaccoca fan as the next guy, but this seems a little absurd. I mean, the guy is 83 years old! I know his record of turning around Chrysler and shoving it in the face of Henry Ford. I know he secured over 1.5 billion dollars in guaranteed loans (which he paid back) from Congress way back in 1979. But this isn’t your father’s Chrysler… this is the financial collapse of an entire industry!
At a press conference a short-time later Obama praised Iaccoca’s record and character alongside Queen Elizabeth II…
Obama: “These are unprecedented times… They call for unprecedented decisions… I’ve pledged to do everything in my power to bring responsibility and transparency back into an American industry that has been long overdue for some change. It is in continuing this pledge that I have appointed Lee Iaccoca to head the newly formed CEO Advisory Panel. Mr Iaccoca will bring his decades of proven leadership, experience, and innovation to oversee every decision of the leaders of our American automotive industry. This oversight will assist the revitalization of this crucial industry. I assure you this will be a catalyst in reestablishing world-wide trust in the American economy, which I believe is an essential step in combating this global economic crisis…”
In case you missed Obama’s statement you can view the video here.
For those of you that can’t view the video, feel free to shoot me an e-mail and I’ll make up some more… Happy April 1st!
