Should The CEO's of Detroit's Big 3 Step Down?

Today Congress is meeting to discuss the details of the $25 billion bailout plan for U.S. automakers. Debates are going back and forth from both sides on how to solve this problem. Some senators are now even saying that the CEO’s of the Big 3 should consider stepping down from their positions if that is what it will take for Congress to approve the plan.

During an interview yesterday on NBC’S “Meet the Press”, Michigan Sen. Carl Levin stated I’d be happy to tell (GM CEO) Rick Wagoner that he ought to consider resigning if that is the difference between getting this kind of support and not. If it was the difference between getting this kind of support or not, obviously the management should consider resigning.”

GM’s Wagoner is coming under fire since he has been the CEO of GM since 2000. Since 2004 GM has lost $70 billion, which includes more than $20 billion this year.

House Republican Richard Shelby from Alabama called the Big 3 “dinosaurs” that need to start over. He also stated that Detroit’s automakers are looking for a “blood transfusion” that won’t work.

“They’re not building the right products,” Shelby said. “I don’t believe they’ve got good management.

President-elect Barack Obama, in an interview to air Sunday on CBS’ “60 Minutes,” said he backs the aid, but with conditions that have not been finalized.

“For the auto industry to completely collapse would be a disaster in this kind of environment,” Obama said. “So it’s my belief that we need to provide assistance to the auto industry. But I think that it can’t be a blank check,” Obama said.

Full Story: The Detroit News

Related Stories:
VIDEO: What Will Happen if the Big Three U.S. Automakers Collapse?