March 30, 2009
Posted: 1525 GMT
We'll be covering the disgraced CEO du jour today at the I-Desk.
General Motors CEO Rick Wagoner was politely asked to leave by the Obama administration Friday and he did. At the company's helm since 2000, GM not only lost its place as largest car manufacturer in the world to Toyota but hemorrhaged $82 billion in the last four years alone.
Its share of the American market has also plummeted. It lost ground to foreign competitors in its own backyard. Harsh words from President Obama, who said there's been "a lot of mismanagement" in Detroit over the last few years.
But wait a minute. I'm confused. The person succeeding Wagoner is his heir apparent, Fritz Henderson. How is this a big change? Also, he may have moved too slowly, but Wagoner managed to slash GM's workforce and create overseas production facilities. Is this just "political theatre" as some analysts are calling it, to appease the public, sick of taxpayer bailouts?
Either way, GM – and other American car makers – have failed to adapt their fleet of giant gas-guzzlers to today's market and are paying the price.
The possibility that a mammoth like GM could still face bankruptcy is scaring markets. Car shares are dragging indexes lower today. We'll be live in Detroit and on Wall Street.
Also today at the I-Desk, a shocking case of incest, reminiscent of Austria's Josef Fritzl. This time, it allegedly took place in Colombia, where a 59-year old father is accused of raping his daughter and fathering seven children with her over several decades. We'll be live in Colombia with the public outrage.
And the G20 meeting is about to kick off in the UK. We'll take you live to London for a preview of the crucial financial summit.
Plus a look at the latest Madonna adoption controversy with a live report from Africa. She's in Malawi applying to adopt a daughter. She's faced criticism that she is getting preferential treatment. With all the problems in the world today, Madonna possibly getting an adoption shortcut in Malawi certainly doesn't make my shortlist of concerns.
See you on TV,
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