![]() ![]() Where GM has 60 days to fix its restructuring plan, Chrysler CEO Bob Nardelli gets just half that time to finalize a proposed alliance between the automotive arm of private-equity giant Cerberus Capital Management and the Italian automaker Fiat SpA. What’s equally telling is the fact that Wagoner’s counterpart at Chrysler remains on the job, even though the smaller maker is clearly the worst off among Detroit’s Big Three. To a large extent, the faces that stared out of the annual reports before the financial meltdown still man the executive suites today. The irony is that, even now, representatives of the finance industry face minimal scrutiny-and most continue flying their Learjets and Gulfstreams. ![]() While Wall Street ran up the truly mind-bending losses, the jet-setting Detroiters became poster children for corporate America’s disconnect. Yet, the reality is that Detroit has undergone a far more grueling time making its case for aid, starting with last year’s high-profile congressional hearings, which the Big Three CEOs importunely arrived at in their individual corporate jets. That’s raised concerns about bailouts, in general. Timing didn’t help the 56-year-old former Duke basketball star: The March 31 deadline for Detroit’s troubled auto makers to turn in their business plans immediately followed the AIG bonus flap. To Michigan Governor Jennifer Granholm, nominally Obama’s close ally, Wagoner was merely a “sacrificial lamb,” the head on the pike declaring to all that the White House wasn’t an easy touch. Wagoner’s counterpart at Chrysler remains on the job, even though the smaller auto maker is clearly the worst off among Detroit’s Big Three.Ĭan Henderson-whose 25-year career closely parallels Wagoner’s-make a difference? Depends on who you ask, and that’s why many question the shakeup, which was touched off by the president’s automotive task force a day before Obama announced that GM and its even more damaged crosstown rival, Chrysler LLC, hadn’t made their case for further federal aid. Wagoner’s successor and protégé, Fritz Henderson, now gets 60 days to pull off a miracle: convincing the White House that GM can not only survive but thrive with the help of new federal loan guarantees. USCCB approved.Was he scapegoat, a talented and dedicated corporate leader who fell victim to a heads-must-roll witch hunt, or a misguided manager, in way over his head? The only thing certain, right now, about Rick Wagoner is that he’s lost his last shot at staving off the potentially devastating bankruptcy of General Motors.Īfter eight years as CEO, Wagoner was unceremoniously ousted last weekend by the Obama administration, which then delayed a final decision on a desperately needed bailout for the once-invincible auto maker. New Revised Standard Version, copyright 1989, by the National Council of the Churches of Christ in the United States of America. I did not come on my own, but he sent me. Jesus said to them, “If God were your Father, you would love me, for I came from God and now I am here. ![]() You are indeed doing what your father does.” They said to him, “We are not illegitimate children we have one father, God himself.” I declare what I have seen in the Father’s presence as for you, you should do what you have heard from the Father.” They answered him, “Abraham is our father.” Jesus said to them, “If you were Abraham’s children, you would be doing what Abraham did, but now you are trying to kill me, a man who has told you the truth that I heard from God. I know that you are descendants ofĪbraham yet you look for an opportunity to kill me, because there is no place in you for my word. So if the Son makes you free, you will be free indeed. The slave does not have a permanent place in the household the son has a place there forever. Jesus answered them, “Very truly, I tell you, everyone who commits sin is a slave to sin. What do you mean by saying, ‘You will be made free’?” Then Jesus said to the Jews who had believed in him, “If you continue in my word, you are truly my disciples and you will know the truth, and the truth will make you free.” They answered him, “We are descendants of Abraham and have never been slaves to anyone.
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