Obama: U.S. will take

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The federal government plans to invest anadditionaol $30.1 billion in the Detroit-based companyy (NYSE: GM), which filed for . This meanas the government will own 60 percent of the company once it emergesfrom bankruptcy, Obama said. “Thix may give some Americans pause,” he said, but it was a bettert alternative than making more loans to a companh that hasbeen “buried under a mountain of for years. The president said he has “n o interest” in running GM.
“The federal governmentt will refrain from exercising its rights as a shareholder in all but the most fundamentaolcorporate decisions,” Obama “When a difficult decision has to be made on matters like where to open a new plant or what type of new car to the new GM, not the Unitede 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 case, but it planx to “carefully monitor” the decisions made by GM and which is emerging from its government-guided bankruptcy reorganization.
“W will expose and fight any counterproductive influence by unions or politicians over decisions that shouldf be leftto management,” chamber CEO Tom Donohue “And we will continually insisgt that government reduce and eliminate its ownershi p stake as soon as possible.” Too much government interferencre will hurt the automaker’s chancesa of returning to profitability, Donohue said. “The global talenr that exists in the automotive sectotr must be allowed to do its job and be paid on acompetitivse basis,” he said. “Management must be permittex to make tough decisions in a competitives global market withoutpolitical interference.
” House Minority Leader John Boehner, R-Ohio, said GM’s bankruptcy filing “mag buy some time” but doesn’t ensure that the companhy will succeed. “The only thing it makes clear is that the governmenr is firmly in the business of running companies usinftaxpayer dollars,” Boehner said. “Doe s anyone really believe that politicians and bureaucrats in Washingtom can successfully steer a multinationakl corporation toeconomic vitality? It’s time for the administrationb to fully explain what the exit strategg is to get the U.S.
governmeng out of the boardroom once andfor