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In an unprecedented intervention in a private company's management, the White House is pushing out longtime GM boss G. Richard Wagoner Jr. as a condition of the government bailout. "We felt that having a change of leadership would be consistent with the clean-sheet approach," an anonymous Obama administration official told the Washington Post.

Though he will resign his current post, Wagoner won't actually be leaving the company any time soon. His annual salary of $1 is far less than the pension he'll be due, which the government isn't in any hurry to pay.

Don't feel too sorry for Wagoner, though. Over the last three years of his watch, GM lost over $73 billion building outdated gas-guzzlers that weren't competitive with foreign models. Wagoner only managed to cut costs by renegotiating unions out of retiree health benefits and into smaller salaries. And, on his first visit to Washington after requesting a bailout, Wagoner arrived in a private jet.



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