White House: We have no desire to run GM or any auto company

Posted: Apr 27, 2009
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Following the launch of General Motors more aggressive and revised restructuring plan, the White House said today that the government does not want to run the struggling automaker. In its updated restructuring plan, GM said today that it would give the U.S. Treasury 51 percent of the company.

“This administration and this government have no desire to run an auto company on a day-to-day basis,” White House spokesman Robert Gibbs said. “It is not our desire to own or run one of the auto companies.”

GM CEO Fritz Henderson said today that Obama’s auto task forced has been pushing the company to do whatever it takes to move forward with its goals. He said that the government has asked GM to “develop a plan, to execute the plan, to run the business, to be successful, to be viable, and to take care of the taxpayer so the taxpayer gets a return on their funds.

GM has until the end of May to get 90 percent of bondholders that hold $27 billion in GM debt to make concessions. If it fails to do so, Henderson said that GM would file for bankruptcy where the U.S. government would purchase most of GM’s assets.

- By: The Daily Auto Editor

Source: Free Press

 


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  • GMfan87

    riiiight…just like they dont want to run the banks…

  • zermatt

    Agreed.

    What is really in the administrations plan is something called social re-engineering. The Democrats wish to remold Chrysler and GM into what they want to see:
    No performance vehicles
    No trucks for personal use
    No SUVs

    Support Ford – the auto enthusiast's American choice.

  • boyz

    that's what she said…

  • JVC

    Clearly. Got it.

  • johnson

    yeah right!!! does it look like we have 'stupid' written across our forehead?

    the sad part is that GM is now going to run under a 'political' agenda instead of a sensible 'business' plan. There is no way jobs will be shipped overseas even if it is good business thing to do. Which politician is going to vote for that!

    What if the gov't want GM to build 'green machine' because it is politically correct?

    Oh well …

  • JVC

    Clearly. Got it.

  • johnson

    yeah right!!! does it look like we have 'stupid' written across our forehead?

    the sad part is that GM is now going to run under a 'political' agenda instead of a sensible 'business' plan. There is no way jobs will be shipped overseas even if it is good business thing to do. Which politician is going to vote for that!

    What if the gov't want GM to build 'green machine' because it is politically correct?

    Oh well …