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
See How Well the Cast of Wet Hot American Summer Has Aged
It’s Time to Start Liking Tom Cruise Again
Gwen Stefani and Gavin Rossdale Are the Latest Celebrity Couple to Divorce Because Nothing Is Sacred
30-Foot-Tall Inflatable Minion Gets Loose, Rampages Irish Highway
Amy Schumer Skips Gun-Control Pitch on The Daily Show, Focuses on Jennifer Lawrence
Sean Penn and Charlize Theron Are Living Out Your Worst Breakup Fears
Hunter Rebecca Francis Has a Thing or Two to Teach Us About the Wild
As Promised, Donald Trump’s People Have Sued Chef José Andrés for $10 Million
Will Smith Says He Won’t Be Divorcing His ‘Queen’ Jada; Love Continues to Exist
In Defense of Office Air-Conditioning
Latest News on Daily IntelligencerPeople Still Haven’t Learned Not to Fly Drones Near JFK Airport
Three drones were spotted flying near the airport this weekend.FBI Arrests North Carolina Men Allegedly Prepping for U.S. to Impose Martial Law
One of the three accused men was preparing homemade explosives called "game changers," for the post-Jade Helm United States.The Cuomo Plan to Rebuild LaGuardia Airport Is Seriously Flawed. We Should Go for It Anyway.
Fixing that "third-world country" in Queens.Amy Schumer Skips Gun-Control Pitch on The Daily Show, Focuses on Jennifer Lawrence
She said the shooting “broke her heart,” but quickly moved on to lighter topics.Newtown Families Settle Suits Against Lanza Estate for $1.5 Million
Each family involved will receive $93,750.Colorado Theater Shooter Still Faces Death Penalty
Jurors had the option to rule out the punishment after hearing more about James Holmes's mental illness.New Gold Watch Features Extra Apple Watch for People Who Don’t Have Time to Turn Wrist
The Dr. Jekyll and Mr. Hyde of watches — except both sides are awful.Bringing Home Exotic-Animal Parts Just Got a Little More Difficult
Delta will no longer transport lion, leopard, elephant, rhinoceros, and buffalo trophies.Here Are the Polls Fox News Will Use to Select the Candidates for the First GOP Debate
Fox's team of election analysts is currently crunching numbers to set the field.In Defense of Office Air-Conditioning
The cold never bothered me anyway.
This marks a change from two months ago.International Olympic Committee Recognizes Collegiate Time-Waster As a Sport
Ultimate Frisbee gets the thumbs-up from the IOC.Cop Who Shot Mike Brown Speaks Out Ahead of Shooting Anniversary
"Everyone is so quick to jump on race. It's not a race issue," Darren Wilson told The New Yorker.Amy and Chuck Schumer Want the U.S. to Do Something About Gun Violence
The cousins are teaming up.John Oliver Is Pretty Sure No One Would Notice If the American Flag Had 51 Stars
Last Week Tonight thinks it's time to give D.C. some representation in Congress.Retailers Promise to Stop Selling Realistic Toy Guns in New York
A settlement means Walmart and Amazon can no longer sell toy guns that look dangerous.Donald Trump Is Making the Republican Party’s Florida Problem Worse
He is not going to win the Latino vote.After a Sweep of the Nationals, the Mets Are Tied for First
Last night may have been the most anticipated game in Citi Field history.Legionnaires’ Outbreak Kills 4, Sickens 67 Others in the South Bronx
The number is likely to rise in the coming days.Hillary Clinton’s First Campaign Ads Focus on Her Mom
She may be part of a political dynasty, but unlike some other candidates, her parents weren’t.