Did you feel the earth shake under your feet in the past couple of hours?
It's because GM CEO Rick Wagoner has resigned...at the request of President Barack Obama.
As reported moments ago by Politico (h/t NBer AgentAmerican):
The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.
What say ye, NewsBusters? What does it mean if a President can force the resignation of a CEO that still answers to shareholders?
*****Update: Asian markets are down. Hard to imagine Wall Street will view this news positively.