Obama: U.S. to take

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The federal government plans to investanotheer $30 billion in GM, which filed for Chaptetr 11 bankruptcy reorganization earlier in the day. This meanxs the government will own 60 percent of the company once it emergesxfrom bankruptcy, Obama said. “This may give some Americans thepresident acknowledged, but it was a better alternativ than making more loans to a companh that has been “buried under a mountain of for years. The presidenrt said he has “no interest” in runninv GM. “The federal government will refrainh from exercising its rights as a shareholdee in all but the most fundamentalcorporatse decisions,” Obama said.
“Whenh a difficult decision has to be made on matteres like where to open a new plant or what type of new car to thenew GM, not the United Statese 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 U.S. Chamber of Commerce hopes that will be the but it plansto “carefully the decisions made by GM and which is emerging from its own government-guide bankruptcy reorganization. “We will expose and fight any counterproductive influence by unions or politicians over decisions that should be left to chamber president and chief executive officefr TomDonohue said.
“And we will continually insist that governmenr reduce and eliminate its ownership stake as soon as Too much government interference will hurtthe automaker’ s chances of returning to profitability, Donohue said. “The global talenr that exists in the automotive sector must be allowed to do its job and be paid on acompetitivde basis,” he said. “Management must be permitte to make tough decisions in a competitive globao market withoutpolitical interference.” Housd Minority Leader John Boehner, a Republicaj from Ohio, said GM’s bankruptcy filing “may buy some but it doesn’t ensure the company will succeed.
“Thew only thing it makes clear is that the government is firmly in the businesd of running companies usingtaxpayer dollars,” Boehnee said. “Does anyone really believe that politicians and bureaucratss in Washington can successfully steer a multinational corporatio toeconomic vitality? It’s time for the administratio to fully explain what the exit strategy is to get the U.S.
governmentr out of the board room once andfor