Hypocrisy: Senator Dodd (D – Countrywide) Wants General Motors CEO To Resign

Now, to be fair, I think the CEO of GM should resign too. In fact, I think that shareholders of all three of the “big three” automakers that are currently bellying up to the federal trough for a bailout should demand that the CEO’s resign. But for a long-time member of the US Senate who has presided over the mismanagement of the federal budget, for someone as specifically inept and corrupt as Senator Chris “Friend of Angelo” Dodd, to make this demand is just plain ludicrous.

An influential senator drafting a multibillion-dollar bailout for Detroit’s Big Three automakers said Sunday that the head of General Motors should step down, while President-elect Barack Obama accused car industry executives of a persistent “head-in-the sand approach” to long-festering problems.
Sen. Chris Dodd, D-Conn., chairman of the Banking Committee, said GM CEO Rick Wagoner “has to move on” as part of a government-run restructuring that should be a condition of financial life support for the auto industry.
“I think you have got to consider new leadership,” Dodd said on CBS’ “Face the Nation.” Criticized for staying on the sidelines until now, Obama for the first time voiced support for bailout legislation being drafted in Congress.

Again, I’m not defending these executives. I think they should be fired for being inept. But for a member of the government to criticize a private sector executive for mismanaging his/her business?
Pure comedy gold.

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  • http://Array NoJelly

    On a related note: NBC “news” this morning actually aired a piece on the former marauding Democrats at Fannie & Countrywide…Interestingly leaving out the enabling folks in Congress…Raines, Johnson, Gore’sLick et al were noted in an almost Enron fashion…

    Developing? About 12 years too late…

  • Hungry Bear

    I think that any elected official or appointee who ever supported the Communitiy Reinvestment Act should resign.

  • LoadTheMule

    How can Dodd possibly say that with a straight face? Gee, I know–the same way Barney Frank can, right? Talk about the inmates running the prison…*sigh*

  • AndyinPhoenix

    My brain is still fixed on the rhetorical question: What is the typical bonus, retirement, severance, etc. and other goodies that an executive gets when their company goes Bankrupt?

    Exactly!

    On principal, I'm opposed to ANY bailouts. This isn't a loan – these fools couldn't qualify for a loan. There's not enough profit in their business model and the world economies to pay their current debt and expenses, and then service this bailout funding.

    As it seems, the tax payer is going to be volunteered to fund the Big 3, so I recommend the price of saving the mythical 3 million industry jobs is:

    A) There must be a culling of the current executives, and deep into the management ranks, with NO exit benefits, and
    B) The UAW needs to guarantee the bailout with an all-or-nothing rider attached to their current pension funds as collateral for the bailout money, and
    C) Across the board compensation cuts. When I saw that factory floor workers get paid more than nurses and teachers, I decided they deserve to go out of business! What Arrogance!!

    The problems the Big 3 are facing are made worse by their executive idiots because they think delivering uncompetitive products is good enough. Wrong. I'm not religious about pro- or anti-union, but the UAW must admit they are a significant factor in driving the American Auto industry (at least in the Detroit area) into the grave.

    If they don't like these terms, tell them to pound sand.

  • di butler

    Pot meet Kettle. Yikes! I think they all should be shuffled off to the gulag. Indictments for everyone this Christmas.

  • http://bizplusblog.com/ Dod Should Go

    Amen! I was reading Kevin Price's http://www.BizPlusBlog.com and he noted the "humor" as well. How can this guy suggest such in light of his own behavior? Dodd is amazing (not in a very good way).

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