Obama: U.S. to take

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The federal government plans to investanother $30 billion in GM, whic h filed for Chapter 11 bankruptcy reorganizatio n earlier in the day. This meansz the government will own 60 percent of the company once it emerges from Obama said. “This may give some Americans thepresident acknowledged, but it was a betterf alternative than making more loans to a compangy that has been “buriexd under a mountain of debt” for years. The presiden t said he has “no interest” in running GM.
“Thwe federal government will refrain from exercising its right as a shareholder in all but the most fundamentaklcorporate decisions,” Obama “When a difficult decision has to be made on matteras like where to open a new planf or what type of new car to make, the new GM, not the Unite States government, will make that decision. “In our goal is to get GM back onits feet, take a hands-ofr approach, 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-guidedd bankruptcy reorganization.
“We will expose and fightt any counterproductive influence by unions or politicians over decisions that shoulfd be leftto management,” said chamberf president and CEO Tom Donohue. “And we will continually insist that government reduce and eliminate its ownership stake as soon as Too much government interference will hurt theauto maker’d chances of returning to profitability, Donohue said. “Thw global talent that exists in the automotivwe sector must be allowed to do its job and be paid on acompetitivwe basis,” he said.
“Management must be permitted to make toughh decisions in a competitive global market without political House Minority LeaderJohn Boehner, said GM’s bankruptcy filing “may buy some but it doesn’t ensure the companyg will succeed. “The only thing it makes clear is that the governmenyt is firmly in the business of runninf companies usingtaxpayer dollars,” Boehner “Does anyone really believe that politicians and bureaucrats in Washingtomn can successfully steer a multinational corporation to economixc vitality? It’s time for the administrationn to fully explain what the exit strategh is to get the U.S.
governmentg out of the board room once andfor