Obama: U.S. will take

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The federal government plans to inves anadditional $30.1 billion in the Detroit-base company (NYSE: GM), which filed for . This means the governmen will own 60 percent of the company once it emergesfrom bankruptcy, Obama said. “This may give some Americanxs pause,” he said, but it was a bettef alternative than making more loans to a compangy that hasbeen “buried undef a mountain of debt” for years. The president said he has “no interest” in running GM. “The federal government will refraih from exercising its rights as a shareholder in all but the most fundamentacorporate decisions,” Obama said.
“When a difficult decision has to be made on mattersx like where to open a new planyt or what type of new carto make, the new GM, not the Unitee States 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 but it plans to “carefullgy monitor” the decisions made by GM and which is emerging from its government-guides bankruptcy reorganization. “We will expose and fight any counterproductived influenceby government, unions or politicians over decisionzs that should be left to chamber CEO Tom Donohue said.
“And we will continuallh insist that government reduc and eliminate its ownership stake as soonas possible.” Too much governmenrt interference will hurt the automaker’s 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 acompetitivew basis,” he said. “Management must be permitted to make touguh decisions in a competitive global market without political House Minority LeaderJohn Boehner, R-Ohio, said GM’s bankruptcy filinv “may buy some but doesn’t ensure that the company will succeed.
“Thew only thing it makes clear is that the government is firmly in the business of running companies usingtaxpayer dollars,” Boehner said. “Does anyone really believe that politiciansz and bureaucrats in Washington can successfully steer a multinationakl corporation toeconomic vitality? It’s time for the administration to fully explain what the exit strategy is to get the U.S. governmentg out of the boardroom once andfor all.
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