Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (1 Shares)  
Printer Friendly Page Save As Favorite View Favorites (# of views)   18 comments

OpEdNews Op Eds

Why Can the Auto Industry CEOs but Spare Bank CEOs?

By       Message David Sirota     Permalink
      (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; , Add Tags Add to My Group(s)

Must Read 2   Well Said 1   Valuable 1  
View Ratings | Rate It

opednews.com Headlined to H2 3/30/09

Author 18
Become a Fan
  (9 fans)
- Advertisement -
Published on OurFuture.org (http://www.ourfuture.org)
Created 03/30/2009 - 12:07am

The Associated Press [1] reports that "General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, U.S. administration officials said Sunday." I'm not sure that's a good or bad thing, but I am curious about why the White House would make such a bold demand of a car company the federal government is lending to, but not a similar demand of the banks the federal government partially owns?

What I mean is - how is it that the White House is requesting the resignation of GM's CEO while not doing the same of, say, Bank of America's CEO? In fact, not only is the president not demanding the resignation of bank CEOs, he's actually hosting them for photo ops at the White House [2]. Sure, I know some bank CEOs resigned a few months ago under shareholder pressure, but the Obama administration has never publicly demanded such resignations of the current management that is making the problems worse, nor the resignation of management at the biggest firms (Goldman Sachs, BofA, etc.) that are still in place.

This is what I meant when I wrote in my column last week [3] about a "government of men, not of laws." It just doesn't seem like there's "equal protection under the law" - that is, it doesn't sem like the same standards are being enforced from the White House onto different parts of the economy. In this case, it looks like a real double standard.

So here's the question: Can anyone explain the differing treatment of auto companies and Wall Street firms? Is it just that there are far more Wall Street worshipers like Tim Geithner and Larry Summers in the Obama administration than auto industry representatives? Or is it something else?

I'm genuinely asking this question, and not in a way aimed at defending Rick Wagoner. I just want to know what possible public explanation there could be as to why the White House would push auto company CEOs around while coddling banking CEOs?
Campaign For America's Future
1825 K Street, NW, Suite 400, Washington, DC 20006


Links:
[1] click here
[2] click here
[3] click here
- Advertisement -
- Advertisement -

 

- Advertisement -

Must Read 2   Well Said 1   Valuable 1  
View Ratings | Rate It

David Sirota is a full-time political journalist, best-selling author and nationally syndicated newspaper columnist living in Denver, Colorado. He blogs for Working Assets and the Denver Post's PoliticsWest website. He is a Senior Editor at In These Times magazine, which in 2006 received the Utne Independent Press Award for political coverage. His 2006 book, Hostile Takeover, was a New York Times bestseller, and is now out in paperback. He has been a guest on, among others, CNN, MSNBC, CNBC and NPR. His writing, which draws on his (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Tax the Corporations and the Rich or Take Draconian Cuts -- the Decision Is Ours

Bush Used the IRS, FBI, CIA and Secret Service to Go After Opponents -- Where Was the Fox and GOP Outrage?

GOP: Recession's Foreclosure Victims "Want a Homeless Life"

How the Trans-Pacific Partnership Gives Corporations Special Legal Rights

Busting myths that FDR prolonged Great Depression