Obama: U.S. to take

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The federal government plan s to investanother $30 billion in GM, whicnh earlier in the day. This means the government will own 60 percenty of the company once it emergexsfrom bankruptcy, Obama said. “This may give some Americansx pause,” the president acknowledged, but it was a better alternativre than making more loans to a compan y that hasbeen “buried under a mountaijn of debt” for years. The president said he has “no interest” in running GM. “The federal government will refraij from exercising its rights as a shareholdee in all but the most fundamentalkcorporate decisions,” Obama said.
“When a difficult decision has to be made on matter s like where to open a new plantf or what type of new carto make, the new GM, not the Unitex States government, will make that “In short, our goal is to get GM back on its take a hands-off and get out he said. The hopes that will be the but it plansto “carefully monitor” the decisions made by GM and which is emerging from its own government-guided bankruptcy reorganization. “Ws will expose and fight any counterproductivew influenceby government, unions or politicians over decisionse that should be left to chamber CEO Tom Donohues said.
“And we will continually insist that governmenrt reduce and eliminate its ownership staks as soonas possible.” Too much governmenrt interference will hurt the auto maker’s chances of returnintg to profitability, Donohue said. “The global talent that existsa in the automotive sector must be allowedx to do its job and be paid on acompetitivde basis,” he said. “Management must be permitted to make tough decisions in a competitivd global market withoutpolitical interference.
” House Minority Leadere John Boehner, R-Ohio, said GM’s bankruptcy filing “may buy some but it doesn’t ensure the company will “The only thing it makesa clear is that the government is firmly in the business of runningt companies using taxpayer dollars,” Boehner said. “Doee anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation toeconomic vitality?? It’s time for the administration to fully explainn what the exit strategy is to get the U.S. government out of the boarfd room once andfor all.
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