Zeitgeist: Double Standard?

Pandit v. Wagoner  Pandit v. Wagoner

GM CEO Rick Wagoner is out.  Yet Citigroup CEO Vikram Pandit, whose company has benefited from three bailouts from the Government since October, is still in.

AIG bonuses — can’t break the contract.  UAW members — you need to sacrifice.  

Double Standard?  The Wall Street Journal, Michigan politicians, and reporters at the White House press briefing today think so. 

When will the Wall Street CEOs receiving [bailout] funds summon the honor to resign? Will this White House ever bother to raise the issue? I doubt it. –Rep. Thaddeus McCotter (R., Mich.)

Watch White House Press Secretary Robert Gibbs try to explain why Wagoner was asked to resign while bailed out bank executives are still at work:

What do you think?  Did Wagoner have to go?  Or was he, as Governor Granholm suggested, a sacrificial lamb?

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  • http://www.therockstarrepublican.com DJ Meph

    I agree with you, but I also think it was time for Wagner to go regardless. He isn’t a sacrificial lamb, he turned GM into a junk bond, then bankrupted it. It only makes sense that he should go. Where I agree with you, is that the CEO of Citibank should have been asked to step down as well. I’m wondering if and when Obama is going to realize that he’s doing it wrong.

  • Frank P

    This is pretty shocking- Chrysler could be gone in a month! I’m particularly angry as we have to keep hearing from bankers who tell us how they need to pay high salaries to retain talent, but mi one bats an eye when auto workers are supposed to try to live on 14 bucks an hour.

  • Matt

    I wonder if it’s as simple as AIG’s $102k contribution to Obama’s campaign?

  • Brandon

    Hey folks — thanks for the comments!

    DJ: Probably true . . . Bound to happen, just seems like it’s okay to pile on the auto industry, but we need to SAVE Wall Street!

    Frank: Nice to see you back . . . Thanks for your thoughts.

    Matt: AIG gave to both sides of the aisle, generously. Hope they get some new regs in there so our entire economy can’t be held hostage again by one company!