Obama: U.S. to take

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The federal government plans to investanothere $30 billion in GM, which earlier in the day. This meand the government will own 60 percenrt of the company once it emerges from Obama said. “This may give some Americansw pause,” the president acknowledged, but it was a betterr alternative than making more loans to a company that hasbeen “burief under a mountain of debt” for years. The president said he has “noo interest” in running GM. “The federal government will refrain from exercising its rights as a shareholdert in all but the most fundamentalpcorporate decisions,” Obama said.
“When a difficultg decision has to be made on matterxs 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 he said. The hopes that will be the case, but it planxs to “carefully monitor” the decisions made by GM and which is emerging from itsown government-guidedc bankruptcy reorganization.
“We will expose and fight any counterproductive influencseby government, unions or politicians over decisions that should be left to said chamber president and CEO Tom “And we will continually insist that government reduce and eliminated its ownership stake as soon as possible.” Too much government interference will hurt the auto maker's chances of returningh to profitability, Donohue said. “The globa l talent that exists in the automotive sector must be allowex to do its job and be paid on acompetitive basis,” he said.
“Management must be permitte to make tough decision in a competitive global market without political House Minority LeaderJohn Boehner, R-Ohio, said GM’sa bankruptcy filing “may buy some time,” but it doesn’y ensure the company will succeed. “The only thing it makes clear is that the governmenr is firmly in the business of running companiews usingtaxpayer dollars,” Boehner said. “Does anyoned really believe that politicians and bureaucrats in Washingtonj can successfully steer a multinational corporatio n toeconomic vitality? It’s time for the administratiohn to fully explain what the exit strategy is to get the U.S.
governmenyt out of the board room once andfor