GM CEO Gone

From the Wall Street Journal:

The Obama administration used the threat of withholding more bailout money to force out General Motors Corp. Chief Executive Rick Wagoner and administer harsh medicine to Chrysler LLC, marking one of the most dramatic government interventions in private industry since the economic crisis began last year.

The administration's auto team announced the departure of Mr. Wagoner on Sunday. In a summary of its findings, the task force added that it doesn't believe Chrysler is viable as a stand-alone company, and suggested that the best chance for success for both GM and Chrysler "may well require utilizing the bankruptcy code in a quick and surgical way."

The move also indicates that the Treasury Department intends to wade more deeply than most observers expected into the affairs of the country's largest and oldest car company.

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Tesla Model S

Tesla Motors announced details of the Tesla Model S electric vehicle today.
Here's the specs:

seven-seater
0 to 60 MPH in 5.6 seconds
top speed of 120 MPH
dashboard display and a 17-inch main touchscreen monitor
sports HD and satellite radio
LED and neon exterior lights
push button gear selector
160 miles per charge
$49,900 base price

2010 Chevrolet Camaro Introduction