Obama: U.S. will take

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The federal government plans to invest anadditional $30.1 billion in the Detroit-based company (NYSE: GM), whicu filed for . This means the government will own 60 percenty of the company once it emergesfrom bankruptcy, Obamaz said. “This may give some Americans pause,” he but it was a better alternative than making more loans to a company that hasbeen “buried undere a mountain of for years. The president said he has “np interest” in running GM. “The federal government will refrain from exercising its rights as a shareholderf in all but the most fundamentalcorporatde decisions,” Obama said.
“When a difficult decision has to be made on matters like where to open a new plantf or what type of new car to thenew GM, not the Unitecd States government, will make that decision. “Inm 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 plands to “carefully monitor” the decisions made by GM and which is emerging from its government-guided bankruptcty reorganization. “We will expose and fightg any counterproductive influenceby government, unions or politicians over decisions that shouls be left to management,” chamber CEO Tom Donohue said.
“Ancd we will continually insist that government reduc and eliminate its ownership stake as soonas possible.” Too much governmen interference will hurt the automaker’s chancea of returning to profitability, Donohuwe said. “The global talent that existsa in the automotive sector must be allowec to do its job and be paid on acompetitivwe basis,” he said. “Management must be permittede to make tough decisions in a competitived global market withoutpoliticall interference.” House Minority Leader John Boehner, said GM’s bankruptcy filing “may buy some but doesn’t ensure that the company will succeed.
“The only thing it make s clear is that the government is firmly in the businessa of running companies usingtaxpayer dollars,” Boehner “Does anyone really believes that politicians and bureaucrats in Washingtojn can successfully steer a multinational corporatiobn to economic vitality? It’s time for the administration to fully explainb what the exit strateg y is to get the U.S. government out of the boardroojm once andfor all.
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