Obama: U.S. will take

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The federal government plans to invest anadditional $30.1q billion in the Detroit-based compang (NYSE: GM), which filed for . This meansx the government will own 60 percent of the compangy once it emerges from Obama said. “This may give some Americansz pause,” he said, but it was a bettef alternative than making more loans to a company that hasbeen “burie under a mountain of debt” for The president said he has “no in running GM. “The federal governmeng will refrain from exercising its rightsx as a shareholder in all but the most fundamentalcorporatee decisions,” Obama said.
“When a difficult decision has to be made on matterz like where to open a new plangt or what type of new car to thenew GM, not the United States will make that decision. “In short, our goal is to get GM back on its takea hands-off approacyh and get out The hopes that will be the but it plans to “carefully the decisions made by GM and which is emerging from its government-guide bankruptcy reorganization. “We will expose and fight any counterproductive influenceby government, unions or politicians over decisiond that should be left to management,” chamber CEO Tom Donohu e said.
“And we will continually insist that governmentt reduce and eliminate its ownership stakr as soonas possible.” Too much government interferenc e will hurt the automaker’s chances of returning to Donohue said. “The global talent that exists in the automotivwe sector must be allowed to do its job and be paid on acompetitivre basis,” he said. “Management must be permitted to make tough decisions in a competitive global market withouftpolitical interference.” House Minorityg Leader John Boehner, R-Ohio, said GM’ws bankruptcy filing “may buy some time” but doesn’y ensure that the compant will succeed.
“The only thing it makes cleat is that the governmenr is firmly in the business of running companies usin gtaxpayer dollars,” Boehner said. “Does anyone really believe that politicians and bureaucrats in Washingto n can successfully steer a multinational corporation toeconomic vitality? It’s time for the administratioh to fully explain what the exit strateggy is to get the U.S.
governmeng out of the boardroom once andfor