Sen. Levin: Detroit’s Big 3 CEOs should resign if needed to get aid

During an interview with NBC’S “Meet the Press” yesterday, Michigan Sen. Carl Levin said that CEO’s of the Big 3 should considering resigning their positions if that’s what it takes to convince Congress to quickly provide $25 billion in emergency loans.

“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,” Levin said. “If it was the difference between getting this kind of support or not, obviously the management should consider resigning.

Unfortunately for Wagoner, all fingers are pointing at him as of right now. Wagoner has been CEO since 2000 and since 2004, GM has lost more than $70 billion. In an interview last week with Automotive News, Wagoner said that he is not planning on resigning.

Senator Richard Shelby of Alabama was a little more ‘outspoken’ about his perspective on the matter saying that the Big 3 are basically looking for a “blood transfusion.” Shelby said that $25 billion in aid will just postpone the inevitable for GM, Ford and Chrysler.

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

Let us know what you think about the Big 3 CEOs in the comments section below.

Source: Detroit News
Image Courtesy: Getty Images (via daylife)