I would really listen to this guy because his track record in making the government money at least when it came to Chrysler.
Chrysler eventually drew down $1.2 billion in loans and repaid them within three years — seven years early. Chrysler turned a profit in 1982 and the government made $311 million in the sale of stock warrants and another $25 million in loan guarantee fees.
Iacocca basically says that Dodd is an idiot yet again and wants the automaker CEOs to be kept on since they know how their business works.
Dodd said in a Sunday television interview that Wagoner "has to move on" as part of a government-run restructuring. President-elect Barack Obama, without naming names, said current auto industry management should be ousted if it doesn't understand the need to make changes. Dodd didn't name Ford Motor Co. CEO Alan Mulally or Chrysler LLC's Bob Nardelli.
Yeah, Dodd really wanted to remove the CEO and have the company waste time on a recruitment process for a new CEO when the company is fighting for dear life. I can see the GM Board of Directors (not Congress, not Dodd, and not Obama) giving him his walking papers only after the crisis has passed.
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