In a move partially designed to stave off another AIG-like crisis where failed executives continue to be rewarded with taxpayer dollars, the Obama administration has asked GM CEO Rick Wagoner to step down. The request came on the heels of news that the president's auto team had assessed the continued viability of GM and fellow Detroit automaker Chrysler. Analysts said that even with the optimistic forecasts submitted by the car companies, GM needs more cutbacks, and Chrysler does not have the ability to continue to operate as a stand-alone company. The administration ordered the latter to reach a deal with Italian automaker Fiat in the next 30 days or face no further government aid (if a deal is reached, there could be an additional $6 billion made available). GM has 60 days to sharply cut costs and lay out a new plan for viability, during which time taxpayer money will keep it afloat. In order to maintain consumer confidence and sales, Obama also announced a new program to back warranties. The goal is to make buyers more confident in the American-made cars they plan to buy or already own. You know, like from the movie Dave. Except, you know, without the farcically pat, happy ending.
Most Viewed Stories
Monica Foy, the Victim of a Terrifying Right-Wing Internet-Shaming, Speaks Out
How Captain America’s Stuffed Cast Caused a Marvel Civil War
Chris Evans Is Down to Play Captain America Forever
The Iran Deal and the End of the Israel Lobby
A Celebration of Ben Affleck’s Nanny
Watch Young Angelina Jolie Own This Acting Class
Take a Breath — the ‘Wildest Dreams’ Video Isn’t Racist — Now Exhale
Miley Cyrus’s Dead Petz Is Hard to Like, or Even Endure
The New Star Wars BB-8 Toy Is So Cute, I Nearly Lost My Mind
What’s New on Netflix: September 2015
Latest News from Daily IntelligencerThe Wedding Business Is Booming at Burning Man
'Til tech do us part.Rowan County Gives Out First Marriage Licenses to Same-Sex Couples [Updated]
Meanwhile, Kim Davis is still in jail.Monica Foy, the Victim of a Terrifying Right-Wing Internet-Shaming, Speaks Out
“It just takes one bullet to kill me from one gun from one person, and that one person is out there. So no, I will never feel safe. Not for me, not for my family, not for anyone I know who has publicly supported me.”BBC Talks to Expert About Scott Walker’s Bald Spot
"It's almost void of hair completely, so it is possible he did have an accident at some point in his life."Man Indicted After Butt-Dialing Burglary Plans to 911
Authorities were suspicious when a burglary happened that sounded similar to one they had overheard on a call earlier that day.Clinton on Emails: ‘I Am Sorry That This Has Been Confusing to People’
“And I take responsibility and it wasn’t the best choice.”Letter From a City Buried in Garbage — and on the Brink of Civil War
In Beirut, the corrupt government can't figure out how to pick up the garbage. Is this the final straw for a nation long teetering on the edge of violence?The Iran Deal and the End of the Israel Lobby
There is no more "Israel lobby"; there is a red Israel lobby and a blue one.At Burning Man’s Airport, There Are Propeller People and Jet People
"The people who take advantage are the charter guys bringing in the rich — I heard $5,000 a flight.”
Meanwhile, thousands of migrants wait, wondering whether they will even reach safety.
The seats were empty, so no one was hurt.Should Real-Estate Developers Fix the Subway?
An offer they might not refuse.Jeb Bush Sides With Both Same-Sex Couples and Kentucky County Clerk
Then suggests a compromise Kim Davis already rejected.One Student Killed, Two Injured in Shooting at Sacramento College
The shooter is still at large.How Ben Carson Surged by Staying Under the Radar
Since he doesn’t act like a politician and won’t attack his fellow candidates, no one has figured out how to stop him.Biden Says He Still Doesn’t Know If He Has the ‘Emotional Energy’ to Run in 2016
In his first intentionally public remarks on the matter.How Trump Outmaneuvered the GOP Again
In promising not to run as a third-party candidate, the Donald gave a little and got a lot.Rick Perry Reveals That He Doesn’t Know How Clocks Work and That He’s Staying in the 2016 Race
"A broken clock is right once a day."Two Topless Women Are Assaulted, Another Is Arrested in Times Square
There were two separate incidents involving "desnudas" on Wednesday night.Kentucky County Clerk Who Refused to Issue Marriage Licenses Sent to Jail [Updated]
She will be released as soon as she agrees to comply with the court's order.