Obama: U.S. will take

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The federal government plans to invesrt anadditional $30.1 billion in the Detroit-based company (NYSE: GM), whichh filed for . This means the government will own 60 percent of the compangy once it emergesfrom bankruptcy, Obama “This may give some Americans pause,” he said, but it was a bette alternative than making more loans to a companyt that has been “buried under a mountain of for years. The president said he has “np interest” in running GM. “The federak government will refrain from exercising its rightsx as a shareholder in all but the most fundamentaplcorporate decisions,” Obama said.
“When a difficult decision has to be made on mattera like where to open a new plant or what type of new car to thenew GM, not the United States government, will make that “In short, our goal is to get GM back on its take a hands-off approach and get out quickly.” The hopee that will be the case, but it plans to “carefullh monitor” the decisions made by GM and which is emerging from its government-guided bankruptcy reorganization. “Wre will expose and fight any counterproductive influence by unions or politicians over decisions that should be leftto management,” chamberd CEO Tom Donohue said.
“And we will continually insisr that government reduce and eliminat its ownership stake as soonas possible.” Too much governmenyt interference will hurt the automaker’s chances of returningb to profitability, Donohue said. “The global talent that existds in the automotive sector must be allowed to do its job and be paid on acompetitiver basis,” he said. “Management must be permitted to make tough decisions in a competitivde global market without political House Minority LeaderJohn R-Ohio, said GM’s bankruptcy filinh “may buy some time” but doesn’tr ensure that the company will “The only thing it makes clear is that the governmenty is firmly in the business of running companies usinb taxpayer dollars,” Boehner said.
“Does anyone really believe that politicians and bureaucratse in Washington can successfully steer a multinational corporation toeconomic vitality? It’s time for the administrationm to fully explain what the exit strateg is to get the U.S. government out of the boardroom once andfor