*RATNER SAYS GM'S RESTRUCTURING NEEDS NEW LEADERSHIP
*WAGONER TO GET GENEROUS PENSION PACKAGE
*OBAMA SAYS HOPEFUL OF FIAT-CHRYSLER DEAL,SAYS F.I.A.T. A FINE INTERNATIONAL COMPANY UNDER GOOD LEADERSHIP
Astoria, New York
The markets tumbled on Monday because of the continued plague of the auto industry. At the White House, President Obama said that GM's ceo was asked to resign because of need of change of direction in the auto maker pursuit to return back to financial soundness. Wagoner won't leave GM empty handed. He will receive generous pension plan worth over 20 million dollars. Obama, on behalf of the taxpayers, said that the government is not considering to run the auto industry. He said that a financial disaster has struck the industry and as if it was a natural disaster, the government has to intervene in the same manner. He is giving the auto makers GM and Chrysler another 30 days to come with a better restructuring plan. Regarding Chrysler, Obama is hopeful of FIAT-Chrysler deal. He believes FIAT to be a fine turnaround international auto maker under good leadership. FIAT, the jewel of the past Agnelli family of Italy, has undergone a major restructuring plan and now under new professional leadership, is in a position to gain from the overall global situation, said the real economist. Just a few years ago, a cancelled put option by GM netted 2 billion to FIAT.
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