I think they will still exist just not the way they do now. If they farm out more work than in the past it will help hundreds or even thousands of smaller companies. It may hurt for a while as the new way of doing things would take some time.
I just don’t think all of their assets will be scrapped. They will be purchased but investors are just waiting for rock bottom and bankruptcy to kill current contracts and liabilities.
The president or treasury can still give them the money.
^And just completely ignore the process the senate went through?
This shit makes me glad to work in the financial industry. It’s good to know that no matter what happens, the government will backstop us and tell everyone else to go perform intercourse with themselves.
^Don’t throw me in the short bus too.
Yes they could take it out of the TARP funds
Great, now someone is going to post “It’s a TARP” pictures…
:word: 
BREAKING NEWS
NBC: White House told GM boss to step down
Comes on eve of Obama making major announcement about automakers
msnbc.com news services
updated 7 minutes ago
DETROIT - A senior Obama administration official has told NBC’s John Yang that General Motors CEO Rick Wagoner was asked to step down by the administration.
The Associated Press reported that Wagoner will leave the struggling Detroit automaker immediately. The person asked not to be identified because Wagoner’s plans have not been formally announced.
The move comes on the eve of President Obama unveiling his plan to reinvigorate the U.S. auto industry. Obama and other administration officials have said they would demand deeper restructuring from General Motors Corp. and Chrysler LLC before they would get any more government loans. Both GM and Chrysler are living on a total of $17.4 billion in federal aid.
DETROIT – General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
Wagoner’s departure indicates that more management changes may be part of the deal. Wagoner, 56, has repeatedly said he felt it was better for the company if he led it through the crisis, but he has faced sharp criticism on Capitol Hill for what many lawmakers regard as years of missteps, mistakes and arrogance by the Big Three automakers.
Wagoner joined GM in 1977, serving in several capacities in the U.S., Brazil and Europe. He became president and chief executive in 2000 and has served as chairman and CEO since May 2003.
Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future. In an interview with CBS’ “Face the Nation” broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government.
“They’re not there yet,” he said.
A person familiar with Obama’s plans said last week they would go deeper than what the Bush administration demanded when it approved the initial loans last year.
Wagoner, in an interview with The Associated Press in December, had declined to speculate on suggestions from some members of Congress that GM’s leadership team should step down as part of any rescue package.
“I’m doing what I do because it adds a lot of value to the company,” Wagoner said in a Dec. 4 interview as GM sought federal aid from the Bush administration. “It’s not clear to me that experience in this industry should be viewed as a negative but I’m going to do what’s right for the company and I’ll do it in consultation with the (GM) board (of directors).”
Wagoner has been credited by auto industry analysts with doing more to restructure the giant, bureaucratic automaker than any other executive. But given that he has been at GM’s helm for so long, many of his critics say he moved far too slowly to take on the United Auto Workers and shrink the company as its market share tumbled.
While GM has improved its cars in the last two years, critics say the company relied for too long on sales of pickup trucks and sport utility vehicles for its profits and was unprepared for a drastic market shift when gasoline prices hit $4 per gallon last year.
During the Congressional debate over whether to give GM and Chrysler loans last year, many lawmakers criticized Wagoner, including Sen. Chris Dodd, D-Conn., chairman of the Banking Committee.
He accused automakers’ top management of having a “head-in-the-sand” approach to problems and said Wagoner “has to move on” as part of a government-run restructuring that should be a condition of financial life support for the auto industry.
Just another day in the People’s Republic of America.
i posted this in the gm thread
OOPS
I AM SO PISSED OFF.
What the fuck does the white house or any worthless political dumb shit know about the automotive industry, running, or restructuring ANYTHING of that size and scope.
WHAT A JOKE!
My stock will fucking tank on Monday.
Politicians are worthless. They make rules based on opinions not deductive reasoning and fact.
that’s what happens when you borrow money from someone
even if politicians are all dumbasses (which isnt the case) the adminstartion at GM isnt exactly a bunch of geniuses 
blame them dont go looking for someone else to blame
If your company wants to borrow billions of dollars from me, and i want you to change CEO’s, you have to pick between your CEO, or my money. Clearly they thought the gov’t loans were more important. Tough shit.
It’s all about perception. If people (stockholders and investors) don’t think major change is coming they won’t put the money back in. It doesn’t matter if GM’s problems were his fault, or if he was doing an awesome job. What better way to show change than to get the chief donkey out of his office?
It’s probably a good move. :tup:
Wagoner did what he thought was best for the company at the time. I.E. keep it afloat.
If you don’t know shit about the auto industry and think you do from a piece CNN did 3 years ago and base your “criteria” for the loan on that then you are a dumbass.
x2 on everything.
And Violator I’m sure that this wasn’t some rush decision but one that came out of a discussion for what is best for GM. Considering that Ford and Chrysler have not had to do the same thing, as well as all the banks we bailed out, it would be a pretty fair assumption that maybe Mr. Wagoner had become a roadblock.
But we don’t know. I’m sure as the days go by we will find out why this decision was made.
Barney Frank should takeover as CEO of GM.
My 2 cents.