White House Wants CEO Resignation

Administration officials say General Motors' CEO Rick Wagoner is stepping down immediately at the request of the White House.

By: Christian Stapleton | WKRG
Published: March 29, 2009

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WASHINGTON (AP) - Administration officials say General Motors'
CEO Rick Wagoner is stepping down immediately at the request of the
White House.
GM and Chrysler are surviving on $17.4 billion in government
loans. They have been hard hit by the economic downturn and the
worst decline in auto sales in 27 years. GM is seeking $16.6
billion more; Chrysler wants $5 billion more.
President Barack Obama is set to announce a plan tomorrow for
the government to provide more money to the ailing auto industry in
exchange for tough concessions from union workers, bondholders and
others.
Obama tells CBS' "Face the Nation," that all those with a
stake in the automakers' survival need to take more hard steps to
help them restructure for the future. He says "They're not there
yet."