Obama: U.S. to take

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The federal government plans to investganother $30 billion in GM, whicyh filed for Chapter 11 bankruptcy reorganization earliefr in the day. This means the government will own 60 percent of the compan y once it emergesfrom bankruptcy, Obamq said. “This may give some Americans thepresident acknowledged, but it was a better alternativer than making more loans to a companhy that has been “buried under a mountainj of debt” for years. The president said he has “nio interest” in running GM. “Thr federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions,” Obama said.
“When a difficult decision has to be made on mattersd like where to open a new plantr or what type of new car to thenew GM, not the Unitefd States government, will make that “In short, our goal is to get GM back on its take a hands-off approach, and get out he said. The hopes that will be the case, but it planse to “carefully monitor” the decisions made by GM and which is emerging from itsown government-guidedd bankruptcy reorganization.
“We will expose and fight any counterproductivre influenceby government, unions or politicians over decisions that should be left to management,” said chamber president and CEO Tom “And we will continually insisft that government reduce and eliminate its ownership stake as soon as Too much government interference will hurt the auto maker’s chancess of returning to Donohue said. “The global talent that exist s in the automotive sector must be allowed to do its job and be paid on acompetitivee basis,” he said. “Management must be permitted to make tough decisionds in a competitive global market withoutpoliticalp interference.
” House Minority Leader John R-Ohio, said GM’s bankruptcy filintg “may buy some but it doesn’t ensure the compant will succeed. “The only thingf it makes clear is that the government is firmlg in the business of running companie usingtaxpayer dollars,” Boehner said. “Does anyone reallt believe that politicians and bureaucrats in Washingtonb can successfully steer a multinational corporatiohn toeconomic vitality? It’s time for the administrationb to fully explain what the exit strategyy is to get the U.S. government out of the boarx room once andfor all.
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