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Will Obama force any Bank CEO's to resign before June 1, 2009?

Settled as No

No such news by suspend date.

Background:

Background: The administration's decision to oust G. Richard Wagoner Jr. sharply ratchets up its control over companies receiving government assistance in the face of criticism about a lack of accountability over billions of taxpayer dollars. The government demanded Wagoner's departure even though it does not own a stake in the automaker. The three companies the government does control -- American International Group, Freddie Mac and Fannie Mae -- were required to replace their chief executives. The government has not, however, required any banks in which it took smaller stakes to replace its top executives. It did pressure Citigroup to replace several members of its board of directors.

Now the president's aggressive move against GM has left some banking executives wondering whether they are next in line.

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/30/AR2009033003409.html

Settlement details:A CEO of a bank that received federal bailout funds must resign (or announce a pending resignation) under pressure from the Obama Administration before 6/1/09 for this market to settle as YES. As reported by a major mainstream news source.

 
Forecast history %
Yes
3%
No
97%
Settled as No on Tue 2nd Jun 3:06pm PST

Suspend date: Sun 31st May 11:59pm PST
Settlement date: Tue 2nd Jun 3:06pm PST
Prediction cut-off: Predictions on this question after Sun 31st May 11:59pm PST have been voided because they were made after the question could be settled

Initial likelihoods: Yes: 50%

Action history:

Created Tue 31st Mar 12:48am PST by lola
Suspended Sun 31st May 11:59pm PST : Suspend date reached
Settled as 'No' Tue 2nd Jun 3:06pm PST by tisha[Admin]: No such news by suspend date.

Suspend date: Sun 31st May 11:59pm PST
Settlement date: Tue 2nd Jun 3:06pm PST
Prediction cut-off: Predictions on this question after Sun 31st May 11:59pm PST have been voided because they were made after the question could be settled details

 

Predictions (67)

24 weeks ago
gtown[Power User] predicted No (H$10,000 at 96%)
25 weeks ago
super007 predicted No (H$20 at 86%)
25 weeks ago
tarpash predicted No (H$2,000 at 85%)
26 weeks ago
hoernla predicted No (H$193 at 68%)
26 weeks ago
delawarebratboi predicted No (H$1,000 at 68%)

Comments (6)

  1 sqlman[Admin]
I'm a huge supporter of Obama's, but I'm getting a bit tired of the new version of the same good-ol'-boys-club we've seen for years in Washington. Wagoner makes a mistake by pinning GM's hopes on continued SUV sales, GM ends up needing a few billion dollars in taxpayer help, and he gets the axe. Meanwhile, bank presidents and Wall Street types bring about near catastrophic collapse of to the entire global financial system, necessitating a huge influx of hundreds of billions in taxpayer dollars, yet they keep their jobs. What's with the double standard?
posted 33 weeks ago
  2 chatarra
Sqlman
Cars are not considered green.
Money is already as green as it can get. he he

Auto manufacturing - Obama is pinning the hopes of the industry on 2 things.
Environmentally friendly cars and union labor.
Watch as the price of those autos SOARS.
posted 33 weeks ago
  3 Erik
<gasp> What, no hope and change? C'mon sql, don't loose faith in Berry yet!
posted 33 weeks ago
  4 sqlman[Admin]
Oh, I'm not losing faith at all; I'm just hoping to be one of the growing number trying to prod him a bit toward seeing the unfair and ultimately destructive dichotomy between how Detroit's being treated and how Wall Street is.

@chatarra: environmentally-friendly and fuel-efficient are two obviously natural companions. If new rules can be put in place to make future automobiles be both, I'm all for it. And, for what it's worth, it's no longer logical or truthful to talk of Dems walking in lockstep with the unions; if that were the case, the Obama admin wouldn't have told GM and Chrysler they had to renegotiate or abrogate UAW contracts in order to get bailout bucks...
posted 33 weeks ago
  5 chatarra
@Sqlman,
Can you show me where any union contracts were actually cut, renegotiated or abrogated?
I just finished a 60 hour week and just do not have the interest to research this tonight.

Obama said the government was going to stay out of the car business too, but I do not really believe him.
The government is backing the warranty program for GM AKA "Government Motors", which does not sound like the government is staying out of the business, to me. Nor does the replacement of the CEO.
posted 33 weeks ago
  6 lola
TREASURY'S TEST MAY FORCE OUSTER OF CITI'S PANDIT
April 24, 2009 | NY Post

Citigroup CEO Vikram Pandit's job security is increasingly in jeopardy as momentum grows in Washington to oust him. With the bank stress tests wrapping up, sources tell The Post that regulators think they might have to make the bold move of removing Pandit to signal Washington is taking as hard a line with the banks as it did with General Motors when it effectively ousted GM CEO Rick Wagoner. The talk of Pandit being dismissed comes amid speculation that a visit to Citi's offices by Treasury Secretary Timothy Geithner a week and a half ago might have been to discuss a change at the bank's helm. However, people familiar with the meeting said the visit was simply to conduct a checkup on the bank.

http://www.nypost.com/seven/04242009/business/ceo_stressed_out_165884.htm
posted 30 weeks ago

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