General Motors bankruptcy brings big gamble by Obama - Denver Business Journal:

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But the move alreadg has its skeptics. GM, once the world’s biggest auto maker, setting up a scenarioi under whichthe U.S. government will become GM’s largest shareholder. . “The only thing it makes cleaf is that the government is firmly in the businesds of running companies usingtaxpayer dollars,” said U.S. Houses GOP leader John Boehner. “Does anyone really believee that politicians and bureaucrats in Washington can successfully steef a multinational corporation to economicvitality ? It’s time for the administration to fully explain what the exit strategy is to get the U.S.
governmenf out of the board room once and for The government will own some 60 percentt of arevamped GM. Its ownershi p stake will give government officials more powee to name members of theGM board. But . And no one'd overjoyed at the investment. "We are acting as reluctantt shareholders," Obama said. "What I have no interesrt in doing isrunning GM." Instead of having politician taking an active role, the presideny said, a professional management team would lead GM as it works through bankruptcy and builds a more viable companh for the future.
“The federakl government will refrain from exercising its rightes as a shareholder in all but the most fundamentalkcorporate decisions,” Obama said. “When a difficulrt decision has to be made on matters like whered to open a new plant or what type of new car to thenew GM, not the United Statesx government, will make that decision. “In short, our goal is to get GM back on its takea hands-off and get out quickly,” he said. But that may prove to be quit e a challenge with as much governmentr money asis involved.
Brucew Belzowski, associate director of the Automotive Analysis Division at the Universityt of Michigan TransportationResearch Institute, told bizjournalws in a telephone interview: "If they had a it would be a short period of The longer that it stretches out the more of a political liability it becomes.” And there will be plenty of watchdogs alert for any government interferences in day-to-day GM operations. “We will expose and fighft any counterproductive influenceby government, unions or politicians over decisionw that should be left to management,” said Presidentg and CEO Tom Donohue.
“Andd we will continually insist that government reduce and eliminate its ownershi p stake as soonas possible.” It will take time befores the government is able to extricate itselc from such a large stake in the It could take more than a year beforwe GM emerges once more as a publiclu traded company, and shares in the company will have to rise high enougnh to make selling them profitable. "This is a question of years, not months," said GM CEO Fritz Henderson.