The US government has said it has no wish to run a North American automaker even though it could end up with a controlling interest in General Motors.
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“We strongly back an auto industry that we believe can and should be self reliant,” White House spokesman Robert Gibbs told Reuters last night. “It is not our desire to either own or run one of the auto companies.”
Separately, GM’s chief financial officer said the Obama administration has shown no signs it wants to run the automaker’s day-to-day operations if it held a majority stake under the latest restructuring plan.
“I know the government does not want to get involved in the day-by-day operations of GM,” Ray Young said in an interview with Dow Jones Newswires shortly after the latest plan was unveiled. “We don’t get any…signals” that the government wants to run the company, he added.
Young told the news agency the revamped company’s management team would be chosen by the board of directors, ostensibly preventing politics from becoming a factor in management decisions.
Under the restructuring plan, the US treasury would hold a majority of GM shares and have the right to appoint directors, Dow Jones added.
