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White House talks tough with GM

Tuesday, 31 March 2009
Gobama_largeM chief executive officer Rick Wagoner resigned after the Obama administration threatened to withhold further bailout money for the struggling carmaker.

He has been replaced by Fritz Henderson, GM's chief operating officer.

Wagoner's resignation comes shortly before Obama is due to announce plans for further restructuring of GM and fellow struggling US carmaker Chrysler.

One option discussed by Obama's task force is putting the companies through bankruptcy to cut their debts, according to The Wall Street Journal. .

 

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