G.M's Wagoner Out Under Conditions Of Auto Bailout

President Obama has laid out strict terms for auto giants General Motors and Chrysler, forcing the ouster of G.M. CEO Rick Wagoner and setting up conditions for a merger between Chrysler and Italian automaker, Fiat, in order for either company to be considered for government aid. Saying that he is committed to the survival of a domestic auto industry, Obama also announced that beginning immediately, to boost consumer confidence, the government will back warranties for new vehicles made by both companies. Stay informed on our economic choices: see our Citizen’s Survival Kit.