Rick Wagoner Quits General Motors

Update: According to a White House official, Wagoner was asked to leave by the Obama administration. Scapegoating has begun.

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Developing story: Rick Wagoner, CEO of General Motors is said to have stepped down. While there has been no official announcement yet, Bloomberg is citing "people" familiar with the situation. Wagoner has not given a reason for the sudden and unexpected departure at this crucial juncture, 2 days ahead of the auto task force report on US automaker viability. Previously Wagoner said he has no intention of departing the company prior to a successful restructuring. "I do it because it’s important and I feel like I have a responsibility to do it," Wagoner said. "I plan to stay here until we get things well in shape and on track and beyond that, we’ll see."

It is curious if, based on his action, things at GM are finally "well in shape." Seeing how March SAAR numbers, to be released in a few days, will likely be sub-9 million (assuming the government doesn't use some fantastic seasonal fudge factor it has been so fond of lately), I somehow highly doubt it.