Time article: The Other GM
The following except from the Time article above says it all.
Still, GM's Chinese employees are acutely aware that the times are anything but normal. Obama's decision earlier this year to dismiss CEO Rick Wagoner was a jolt. As one young executive puts it, "we didn't think in America that the President could fire the CEO of a private company. For us Chinese, it was very confusing." Doubly so because Wagoner is viewed as one of architects of GM's dominance in China. Says a former GM executive: "It may be the ultimate irony of [Wagoner's] career that as bad as things are in the U.S., his more important legacy may turn out to be China. People don't get that now, but they will eventually."
Even the Chinese are surprised that President Obama is exercising power over business that they nor I thought he had or should have. The recent use of President's Obama political power to force Chrysler's lenders to drop their property rights under bankruptcy law is especially frightening. Also, the President is looking for any and all money in businesses that he can find to take for his spending programs. If I was a major investor, I would be afraid to invest in American companies. Who knows what other regulations and taxes are coming down the pipe to punish these evil corporations.
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