Obama Assures the Govt Won't Get Involved in New GM

After some other automakers have already expressed their concerns that the United States' stake in General Motors might allow the officials to help the automaker, President Barack Obama today said that the government won't get involved in this business. Basically, Obama says the US officials will stay away from "all but the most fundamental corporate decisions," according to Autonews. This way, GM's board will be solely responsible for company and will "make the decisions about how to turn this company around".

Furthermore, he emphasized that the future General Motors would be better than the current bankruptcy automaker, and will "produce the high-quality, safe and fuel-efficient cars of tomorrow". This would "lead America toward and energy-independent future," he added.

"Our goal is to get GM back on its feet, take a hands-off approach and get out quickly," Obama said, underlining that the government does not plant to benefit from its controlling stake in the New GM.

In a statement rolled out this week, Ford, the only member of the Detroit 3 group who remained out of bankruptcy, expressed its concerns that the United States could favor the bankruptcy automakers once it gets out of Chapter 11 protection.

"We look forward to working with the Obama administration to ensure that the government's majority ownership of GM will not change the industry's competitive dynamics and that a level playing field will be maintained," Ford said in a statement for the press issued a few days ago.

GM's President and CEO Fritz Henderson also confirmed the government won't influence New GM's future. "I don't think it's going to happen," he said. "President Obama was quite clear that [the government won't have influence over] the next-generation coupe or sedan. We've not seen that through the automotive task force process."