Obama: U.S. will take

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The federal government plans to invesrt anadditional $30.1 billion in the Detroit-based companyh (NYSE: GM), which filerd for . This meanss the government will own 60 percent of the company once it emergesdfrom bankruptcy, Obama said. “This may give some Americanse pause,” he said, but it was a bettere alternative than making more loans to a companty that hasbeen “buried under a mountai n of debt” for years. The president said he has “noo interest” in running GM. “Thr federal government will refrain from exercising its rights as a shareholdetr in all but the most fundamental corporate Obama said.
“When a difficultt decision has to be made on matters like where to open a new plang or what type of new car to thenew GM, not the United Statew government, will make that decision. “In short, our goal is to get GM back on its takea hands-off approach and get out The hopes that will be the case, but it plansa to “carefully monitor” the decisionxs made by GM and Chrysler, which is emergingf from its government-guided bankruptcy reorganization. “We will expose and fightg any counterproductive influence by unions or politicians over decisions that shoulc be leftto management,” chambedr CEO Tom Donohue said.
“And we will continually insisf that government reduce and eliminate its ownership stakee as soon as Too much government interference will hurtthe automaker’sa chances of returning to Donohue said. “The global talent that exists in the automotivse sector must be allowed to do its job and be paid on acompetitivwe basis,” he said. “Management must be permitted to make toughj decisions in a competitive global markert withoutpolitical interference.” House Minority Leader John R-Ohio, said GM’s bankruptcy filing “may buy some time” but doesn’g ensure that the company will succeed.
“Thew only thing it makes clear is that the governmentf is firmly in the businesw of running companies usingtaxpayer dollars,” Boehneer said. “Does anyone really believe that politicians and bureaucrats in Washingtonb can successfully steer a multinational corporationh toeconomic vitality? It’s time for the administratiohn to fully explain what the exit strategy is to get the U.S. governmenr out of the boardrooj once andfor all.
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