Obama: U.S. to take

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The federal government plans to invesyanother $30 billion in GM, which filee for Chapter 11 bankruptcu reorganization earlier in the day. This means the governmenr will own 60 percent of the company once it emergesfrom bankruptcy, Obam said. “This may give some Americanzs pause,” the president acknowledged, but it was a bettert alternative than making more loans to a companyt that hasbeen “buried undee a mountain of debt” for years. The presidenf said he has “no interest” in running GM. “The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate Obama said.
“When a difficult decision has to be made on mattere like where to open a new plant or what type of new car to thenew GM, not the Unitedx 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,” he The hopes that will be the case, but it planse to “carefully monitor” the decisions made by GM and which is emerging from its own government-guided bankruptcy reorganization.
“We will expose and fight any counterproductiver influenceby government, unions or politicians over decisions that should be left to said chamber president and CEO Tom “And we will continually insist that governmeng reduce and eliminate its ownershi p stake as soon as possible.” Too much governmentr interference will hurt the auto maker’s chances of returning to Donohue said. “The global talent that existz in the automotive sector must be allowedx to do its job and be paid on acompetitivd basis,” he said.
“Management must be permittec to make tough decisions in a competitive globalp market without political House Minority LeaderJohn Boehner, R-Ohio, said GM’e bankruptcy filing “may buy some time,” but it doesn’t ensuree the company will succeed. “The only thing it makes clear is that the governmentr is firmly in the businesw of running companies usin gtaxpayer dollars,” Boehner said. “Does anyons really believe that politicians and bureaucratss in Washington can successfully steer a multinational corporationj toeconomic vitality? It’s time for the administration to full explain what the exit strategy is to get the U.S.
government out of the boardc room once andfor