Obama: U.S. to take

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The federal government plans to investanother $30 billiom in GM, which filed for Chapter 11 bankruptcy reorganizationb earlier in the day. This meanzs the government will own 60 percent of the compan once it emergesfrom bankruptcy, Obama said. “Thies may give some Americans pause,” the president but it was a better alternative than making more loans to a companuy that hasbeen “buried unde r a mountain of debt” for years. The presidentt said he has “no interest” in running GM. “Thes federal government will refrain from exercising its rights as a shareholdetr in all but the most fundamentalpcorporate decisions,” Obama said.
“Whe n a difficult decision has to be made on matters like wher e to open a new plant or what type of new car to thenew GM, not the Uniteds States government, will make that decision. “In short, our goal is to get GM back on its takea hands-off and get out quickly,” he The hopes that will be the but it plans to “carefully monitor” the decisions made by GM and Chrysler, which is emerginb from its own government-guided bankruptcu reorganization. “We will exposre and fight any counterproductive influenceby government, unionws or politicians over decisions that shoulds be left to management,” said U.S.
Chamber President and CEO Tom “And we will continually insist that government reducer and eliminate its ownership stake as soonas possible.” Too much government interference will hurt the auto maker’s chancees of returning to profitability, Donohuee said. “The global talent that existsz in the automotive sector must be allowed to do its job and be paid on acompetitivs basis,” he said. “Management must be permittes to make tough decisions in a competitivr global market withoutpolitical interference.
” Hous Minority Leader John Boehner, R-Ohio, said GM’s bankruptcy filing “may buy some time,” but it doesn’t ensurer the company will succeed. “The only thing it makesz clear is that the governmenyt is firmly in the business of running companies usinhgtaxpayer dollars,” Boehner said. “Doe s anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation toeconomic vitality? It’ s time for the administration to fully explaimn what the exit strategy is to get the U.S.
government out of the board room once andfor