If a company thinks its necessary to ask for government help, why should the CEO stay?
In the private market, when a restructuring occurs, they usually fire the CEO and hire a new guy. How is this any different? Why should the taxpayer fund a management team that brought the company to the brink of insolvency?
If you want the government to act more like a private business, this is what private business does.
I agree with the outcome because that's what would've resulted from Chapter 11. There's no question that more needs to be done as well. GM now needs to completely rewrite the contract w/ UAW and make their salaries more competitive. It also needs to totally ignore whatever Washington wants for cars. They should make cars that the market needs so that they'd be profitable once again.
I just don't like our leaders pretending they have powers like Kings centuries ago over our financial future. Also it's the fact we're $30+B poorer propping up this zombie company.