Dodd: General Motors Executive Should Resign in Exchange for Bailout

Sen. Chris Dodd called on the CEO of General Motors to be replaced if the auto company is to receive any bailout money from the federal government.

U.S. Senate Banking Committee Chairman Chris Dodd called on a top auto executive to resign in exchange for bailout money from the federal government.

Dodd said General Motors’ chief executive officer Rick Wagoner — who has been with GM since 1977 — should be replaced if the faltering auto company is to receive any money from the government.

“I think he has to move on,” the Democratic senator said of Wagoner during an interview Sunday on CBS’ “Face the Nation.”

“If you are really going to restructure this, you’ve got to bring in a new team to do this,” he said.

Dodd also said he is hopeful Congress will pass a short-term $15 billion aid package for the automakers in the next several days. But the Connecticut Democrat says the companies should have to restructure if they want a more significant bailout from Congress next year.

He added that the companies need quick cash to avoid collapse in the next several weeks. But over the long-term, Dodd said Chrysler probably ought to merge with another company.

Dodd said Ford is the healthiest of the Big Three U.S. automakers.

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ED:

If Dodd’s reasoning for calling upon a top auto executive to resign his position as head of a faltering company rests on claims of mismanagement, incompetency, dereliction of duty, lack of vision, failing to accurately gauge and correct failed policies, then for the same reasons Dodd should likewise resign his position as Chairman of the Senate Banking Committee.

Dodd’s leadership and failed policies for Fannie Mae and Freddie Mac served to usher in the credit debacle tax-payers are to pay for.

In my opinion, both Dodd and Barney Frank are at the top of the pyramid and both should be the first in the long line of many Democrats (please give me a name of a Republican – an no, Bush does not count) to be removed from office.

If Dodd wants accountability from auto company leadership we should all be screaming from the mountain tops for Dodd’s and Frank’s heads.

We should show no mercy two years from now.