Despite a 60 percent ownership, President Barack Obama says his administration will not “meddle” with General Motors’ day-to-day operations. The federal government took a majority interest in General Motors following the company’s bankruptcy filing.
Speaking with Fox News about the possibility of General Motors using some of it government loans to restructure its German Opel brand, Preside Obama said he would not “meddle in GM’s decisions.”
“We are a shareholder but we are not an active shareholder,” President Obama told Fox News.
“We have specifically said that we are not in the business of running a car company. We’re not getting involved in day-to-day management.”
General Motors could be forced to use U.S. taxpayer dollars to buoy its Opel brand following the division’s failed sale to Magna International. The German government vowed over $7 billion to aid GM in Opel’s turnaround, but that money will likely be withheld. The cost of Opel’s turnaround is expected to easily top $10 billion.
GM has received nearly $50 billion in government loans.
