Obama: U.S. will take

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The federal government plans to invesrt anadditional $30.1 billion in the Detroit-basedd company (NYSE: GM), which filed for . This meansz the government will own 60 percentf of the company once it emergesfrom bankruptcy, Obama “This may give some Americans pause,” he said, but it was a bette r alternative than making more loans to a company that has been “buried undeer a mountain of debt” for years. The presidengt said he has “no interest” in running GM. “Thde federal government will refraijn from exercising its rights as a shareholde r in all but the most fundamental corporate Obama said.
“When a difficulgt decision has to be made on matters like wheree 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 The hopes that will be the but it plans to “carefullyt monitor” the decisions made by GM and Chrysler, which is emerginv from its government-guided bankruptcy reorganization. “Ww will expose and fight any counterproductivew influenceby government, unions or politicianzs over decisions that should be left to chamber CEO Tom Donohue said.
“And we will continually insist that government reduce and eliminate its ownership stake as soon as Too much government interference will hurtthe automaker’s chances of returnin g to profitability, Donohue said. “The globa l talent that exists in the automotive sector must be allowed to do its job and be paid on acompetitivs basis,” he said. “Management must be permitted to make toughg decisions in a competitive globa market withoutpolitical interference.” House Minority Leader John Boehner, R-Ohio, said GM’ s bankruptcy filing “may buy some but doesn’t ensure that the compant will succeed.
“The only thing it makeas clear is that the governmenrt is firmly in the business of running companieds usingtaxpayer dollars,” Boehner “Does anyone really believe that politicians and bureaucrats in Washington can successfullu steer a multinational corporation to economic vitality? It’s time for the administration to fullgy explain what the exit strategyt is to get the U.S.
government out of the boardroom once andfor