Is Brack Obama now everybody’s CEO?
President Obama sent tongues wagging and Wall Street reeling with the announcement of his plan to revitalize the U.S. auto industry — a plan that began with the ouster of General Motors CEO Rick Wagoner and most of the company’s board of directors.
Recall that the Bush administration signed off on $17 billion in federal funds to help GM and Chrysler survive the current recession. It also demanded both companies submit restructuring plans that the Obama administration reviewed and ultimately rejected.