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In what some are calling one of the boldest moves of government involvement since the Great Depression, the Obama administration has asked General Motors’ chief executive officer, Rick Wagoner, to resign his post at the company, which will undergo a 60-day restructuring plan at the urge of federal officials.
Chrysler, which has been in talks with Italian-automaker, Fiat, was given 30 days by the government to “prove they can run a viable business.” If Chrysler succeeds and its negiotiations with Fiat go well, the government has said it will award the company with an additional $6 billion. It is unclear whether GM will receive additional aid. Both automakers have reportedly received $17.4 billion from the government already to dodge bankruptcy.