Obama: U.S. will take

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The federal government plans to invest anadditional $30.1 billion in the Detroit-based company GM), which filed for . This means the governmenr will own 60 percent of the companyt once it emergesfrom bankruptcy, Obama said. “This may give some Americanx pause,” he said, but it was a bettert alternative than making more loans to a companuy that hasbeen “buried under a mountain of for years. The president said he has “no in running GM.
“The federal government will refrain from exercising its rights as a shareholder in all but the most fundamentaocorporate decisions,” Obama “When a difficult decisioj has to be made on matters like where to open a new plan or what type of new car to make, the new GM, not the Unite d States government, will make that “In short, our goal is to get GM back on its take a hands-off approacn and get out quickly.” The hopess that will be the case, but it plansw to “carefully monitor” the decisions made by GM and Chrysler, which is emergingg from its government-guided bankruptcy reorganization.
“W will expose and fighf any counterproductive influenceby government, union s or politicians over decisiones that should be left to management,” chambee CEO Tom Donohue said. “And we will continually insisyt that government reduce and eliminatw its ownership stake as soonas possible.” Too much governmentg interference will hurt the automaker’s chances of returning to Donohue said. “The global talent that exists in the automotiv sector must be allowed to do its job and be paid on a competitive basis,” he said. “Management must be permitted to make tougyh decisions in a competitive global markey withoutpolitical interference.
” House Minority Leader John Boehner, said GM’s bankruptcy filing “magy buy some time” but doesn’t ensure that the company will “The only thing it makesw clear is that the government is firmly in the businesa of running companies using taxpayer dollars,” Boehne r said. “Does anyone really believe that politicianse and bureaucrats in Washington can successfully steer a multinationaol corporation toeconomic vitality? It’se time for the administration to fullt explain what the exit strategy is to get the U.S.
government out of the boardroom once andfor