Latest Rick Wagoner Stories

2009-06-09 12:01:06

Bankrupt U.S. automaker General Motors Corp. said former AT&T Chief Executive Officer Edward Whitacre Jr. would take over as the company's new chairman. Interim Chairman Kent Kresa would continue to serve on the board, but six other board members would step aside while the company is in bankruptcy, The New York Times reported Tuesday. Four board members would be retained, as would Chief Executive Officer Frederick Fritz Henderson, the company said. Previous Chairman and CEO Rick Wagoner...

2009-06-03 16:05:00

Bankruptcies at U.S. automakers Chrysler and General Motors Corp. will likely cost former executives at least part of their pension plans, the companies said. Chrysler has already demanded former executives, including the iconic Lee Iacocca, return or buy their company cars by May 31, The Detroit News reported Wednesday. The gesture is one step towards retrieving what could be big money. GM's former Chief Executive Officer Rick Wagoner is still, technically on the payroll, receiving $1 for...

2009-05-31 21:30:00

U.S. President Barack Obama said Sunday General Motors Corp.'s restructuring plan is viable and Washington will provide $30 billion for its implementation. GM is set to file for bankruptcy protection Monday in New York and restructure its operations under the control of the U.S. government, The New York Times reported Sunday, citing sources with knowledge of GM's plans. In a statement released Sunday night, the White House said GM has developed a business plan that will accelerate its...

2009-04-05 12:33:37

U.S. automakers receiving taxpayer bailouts are being treated more harshly than their banking industry counterparts, Michigan residents say. Both Democrats and Republicans in the state say they are angry about the perceived differences, the Detroit Free Press reported Sunday. There cannot be a double standard here, Michigan Gov. Jennifer Granholm said last week. There has to be tough love with respect to Wall Street the same way there is tough love with respect to the manufacturing industry....

2009-03-31 10:40:31

A key lobbyist for the banking industry said the U.S. government's move to replace General Motors Corp.'s top executive raised a red flag for bankers. After the government forced GM's Chairman and Chief Executive Officer Richard Wagoner out of his job Monday, is their a heightened risk for the Obama administration, to replace other executives at financial firms that have received bailout loans? Scott Talbott at the Financial Services Roundtable asked. I think you'd have to conclude that the...

2009-03-31 07:15:00

The U.S. government's interventions in the automobile industry were unprecedented and long overdue, a longtime critic of General Motors Corp. said. It should have happened years ago, said Mary Anne Keller, who once wrote an article called Dull at Any Speed, that summed up GM's problems as having forgotten how to make cars that people want to buy. The government's rejection of GM and Chrysler LLC's financial viability plans -- holding off on loans until they complied with new directives -- put...

2009-03-29 17:35:00

General Motors Corp. had no comment Sunday on published reports that Richard Wagoner is quitting as chairman and chief executive officer of the U.S. automaker. Citing sources familiar with the matter, the Detroit Free Press and The Detroit News reported Wagoner will leave his post immediately under terms of U.S. President Barack Obama's plan to provide federal assistance to the troubled automaker. Wagoner has headed GM for eight years and has been with the company for more than three decades....

2009-03-27 15:57:04

The White House said Friday that President Barack Obama was preparing an outline for how he believes U.S. automakers could survive their prolonged slump. Press Secretary Robert Gibbs said Obama would outline what he thinks is the best way forward on Monday. The Detroit News Friday reported General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner met with White House officials handling the industry crisis. The president has said some additional aid would be granted GM and...

2009-03-17 16:31:37

General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner said Tuesday the U.S. automaker could restructure itself without court assistance. Although still negotiating with bondholders on debt reduction and union workers on concessions, if we can accomplish 99 percent outside of court that we would inside of court, why in the world wouldn't we do it outside of court? Wagoner said to reporters at a media-sponsored breakfast discussion, the Detroit Free Press reported. He also said...

2009-03-16 10:50:00

WASHINGTON, March 16 /PRNewswire-USNewswire/ -- March 16, Germany's new Federal Minister of Economics and Technology, Dr. Karl-Theodor Freiherr zu Guttenberg, will arrive in Washington, D.C. for political talks. He will meet Tuesday with Timothy Geithner, Secretary of the Treasury, Larry Summers, Director of the National Economic Council, Robert Zoellick, President of the World Bank and Dominique Strauss-Kahn, President of the International Monetary Fund a.o. The meetings will focus on the...

Word of the Day
  • Like a worm in form or movement; vermiform; tortuous or sinuous; also, writhing or wriggling.
  • Like the track or trace of a worm; appearing as if worm-eaten; vermiculate.
  • Marked with fine, close-set, wavy or tortuous lines of color; vermiculated.
  • A form of rusticated masonry which is so wrought as to appear thickly indented with worm-tracks.
This word ultimately comes from the Latin 'vermis,' worm.