Tuesday, March 31, 2009
Senator Bob Casey says the Obama Administration had the right to ask General Motors CEO Rick Wagoner to step down. The senator says since the company is receiving public support the President could take such a step. General Motors and Chrysler received 17.4 billion dollars in federal aid this winter, and are in the process of appealing for more funds. However, Casey says the government shouldn't have the final say on organizational decisions, but needs to at least be involved in discussions. He says, “I think you can strike that balance between having accountability and transparency and input, and not take it so far that you scare Wall Street.” President Obama is giving GM 60 days to come up with a new strategic plan. Once those guidelines are submitted, he'll decide whether to provide the company with more federal funding.