Bankruptcy does not necessarily mean the CEO loses his job - it all depends on how the bankruptcy administration is organized. Which chapter of the Bankruptcy Code were they thinking of?

This was the plan all along. Obama is just a puppet serving his masters. . The CEO came out the winner hear. His company received billions in the bailout. He and his buddies pockets a good chuck of that. . The CEO isn't affected in anyways. His life is pretty darn good. . GM was going to fail no matter what. Spending our tax on crappy products that no on wanted. That was the mistake on Bush part for passing the Bailout in the 1st place. . Obama has no authority. He's just following orders.

First let me say that if Rick Wagoner, GM CEO, ran General Motors during the fall of GM (which he did) than he should resign for leading the company into the state they are currently in. I do not feel sorry that this incompetent man has stepped down, perhaps if he did this a few years ago GM wouldn’t be in the situation that they are in. Second once a company accepts federal (our) bailout money that I have no problem with the government stepping in and imposing some regulations and stipulations in return for that company taking OUR money. Earlier today we heard that Rick Wagoner had decided to step down as CEO of General Motors. While his resignation was justified and warranted what was not justified was the fact, which we learned later on, that the president of the United States demanded that Rick Wagoner step down. Rick Wagoner did not deserve to keep his job, that goes without saying, but it should not be the president who has the ability to fire people who run private businesses no matter how inept that person is. Obama’s biggest supporters have to realize that the president has vastly overstepped his bounds here. America once was the place where people came to realize their dreams, now it is the place where those dreams can be taken away at the whim of the president. To think that people still laugh it off when you call Obama a communist….. Communism: 1.A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people.

I believe that a government takeover of a private corporation is wrong and never should have happened in the first place. Since it did happen, though, I believe the government has to consider it a bailout not a purchasing agreement. Therefore, they should not be controlling it. Once again, I do not believe our tax money should have been spent on this in the first place. This puts the government officials in a place that they were never intended to be.

When you take public funds your company is no longer a private company.