Obama: U.S. to take

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The federal government plans to investanother $30 billion in GM, whichy filed for Chapter 11 bankruptcy reorganizationh earlier in the day. This means the government will own 60 percent of the company once it emergesfrom bankruptcy, Obams said. “This may give some Americanz pause,” the president acknowledged, but it was a bettert alternative than making more loanx to a company that hasbeen “buriesd under a mountain of debt” for The president said he has “ni interest” in running GM. “The federaol government will refrain from exercising its rights as a shareholderd in all but the most fundamentalcorporatew decisions,” Obama said.
“When a difficult decision has to be made on matterzs 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,” he The hopes that will be the case, but it plans to “carefullyt monitor” the decisions made by GM and which is emerging from its own government-guidedx bankruptcy reorganization. “We will exposed and fight any counterproductivr influenceby government, unions or politicians over decisionsd that should be left to management,” said U.S. Chamberr President and CEO Tom Donohue.
“And we will continuallh insist that government reduce and eliminate its ownership stakr as soonas possible.” Too much governmeng interference will hurt the auto maker’s chance s of returning to profitability, Donohue said. “Thee global talent that exist in the automotive sector must be allowed to do its job and be paid on acompetitivw basis,” he said. “Management must be permittex to make tough decisions in a competitiv e global market withoutpoliticapl interference.
” House Minority Leader John Boehner, R-Ohio, said GM’s bankruptc y filing “may buy some time,” but it doesn’t ensures the company will “The only thing it makes clear is that the government is firmly in the business of runningg companies using taxpayer dollars,” Boehnerd said. “Does anyone really believe that politicians and bureaucratss in Washington can successfully steer a multinationall corporation toeconomic vitality? It’e time for the administration to fully explain what the exit strategy is to get the U.S. government out of the boared room once andfor all.
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