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Levin: Big 3 CEOs should resign if necessary to get federal aid
by w1ld at 4:15 pm EST, Nov 16, 2008

WASHINGTON -- Michigan Sen. Carl Levin said Sunday the top executives of Detroit's Big Three automakers should consider resigning if necessary to convince Congress to quickly pass up to $25 billion in emergency loans for the struggling companies. "If it was the difference between getting this kind of support or not, obviously the management should consider resigning," Levin told NBC's "Meet the Press."

The Detroit Democrat said the government "should have more than a say" in management through an oversight board that would oversee the $25 billion in loans if they are part of the broader $700 billion Wall Street bailout, the source Democrats pushing for the aid prefer.

"I'd be happy to tell (GM CEO) Rick Wagoner that he ought to consider resigning if that is the difference between getting this kind of support and not," Levin said.

RE: Levin: Big 3 CEOs should resign if necessary to get federal aid
by flynn23 at 10:01 am EST, Nov 17, 2008

w1ld wrote:
WASHINGTON -- Michigan Sen. Carl Levin said Sunday the top executives of Detroit's Big Three automakers should consider resigning if necessary to convince Congress to quickly pass up to $25 billion in emergency loans for the struggling companies. "If it was the difference between getting this kind of support or not, obviously the management should consider resigning," Levin told NBC's "Meet the Press."
The Detroit Democrat said the government "should have more than a say" in management through an oversight board that would oversee the $25 billion in loans if they are part of the broader $700 billion Wall Street bailout, the source Democrats pushing for the aid prefer.
"I'd be happy to tell (GM CEO) Rick Wagoner that he ought to consider resigning if that is the difference between getting this kind of support and not," Levin said.

There are so many things wrong with this, I can't even begin to enumerate them. The government doesn't need to run any industry. The government doesn't need to cap CEO pay. The government doesn't need to do anything other than make sure that retiree's health care benefits stay intact. Period.