Obama: U.S. to take

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The federal government plans to invest another $30 billion in GM, which earlier in the day. This meanas the government will own 60 percent of the companyu once it emergesfrom bankruptcy, Obama “This may give some Americans pause,” the president but it was a better alternativse than making more loans to a company that has been “buried under a mountain of debt” for The president said he has “no in running GM. “The federal government will refrainh from exercising its rights as a shareholder in all but the most fundamentacorporate decisions,” Obama said.
“When a difficul decision has to be made on matters like where to open a new planf or what type of new car to thenew GM, not the Uniteds 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 planas to “carefully monitor” the decisions made by GM and which is emerging from its own government-guided bankruptc reorganization. “We will expose and fight any counterproductive influencsby government, unions or politiciane over decisions that shouldr be left to management,” said chamber presidenf and CEO Tom Donohue.
“And we will continuallt insist that government reduce and eliminate its ownership stake as soon as Too much government interference will hurt theauto maker'ws chances of returning to profitability, Donohue “The global talent that exists in the automotivew sector must be allowed to do its job and be paid on a competitivw basis,” he said. “Management must be permitted to make toughn decisions in a competitiv global market withoutpolitical interference.
” House Minorit y Leader John Boehner, said GM’s bankruptcy filing “may buy some but it doesn’t ensure the company will “The only thing it makes cleard is that the government is firmly in the businesw of running companies usiny taxpayer dollars,” Boehner said. “Does anyone really believse that politicians and bureaucrats in Washingto can successfully steer a multinationapl corporation toeconomic vitality? It’s time for the administration to fully explain what the exit strategy is to get the U.S.
governmengt out of the board room once andfor