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US vows to be passive investor in GM, Chrysler
Published in Saudi Press Agency on 27 - 07 - 2009


The U.S. Treasury will not
step in to influence management decisions at General Motors Co
and Chrysler LLC after providing the automakers with some $70
billion in financing to restructure in bankruptcy, a White
House adviser said on Monday, according to Reuters.
"The Obama administration is a reluctant shareholder in New
General Motors as well as New Chrysler," Ron Bloom, the senior
adviser to the White House-appointed auto task force, told a
congressional oversight panel meeting in Detroit in prepared
remarks.
Bloom said the emergency government assistance had
prevented a liquidation in bankruptcy for two of the three U.S.
automakers, but added that "in a better world, the choice to
intervene would not have had to be made."
Bloom said that the success of the Obama administration's
efforts to save GM and Chrysler will be judged now on how fully
and how quickly taxpayer funding is repaid.
An initial public offering of stock in the restructured GM
could come as soon as 2010 and include some combination of new
shares and the sale of government-held stock, Bloom said.
"The taxpayers put a lot of money up, and they want their
money back," he said.
Bloom was answering questions from a congressional
oversight panel appointed in 2008 to review the use of $700
billion earmarked to stabilize financial markets under the
Troubled Asset Relief Program.
The panel, which is headed by Harvard Law School professor
Elizabeth Warren, convened Monday's meeting in Detroit to hear
from a range of officials, executives and other experts on the
Obama administration's auto bailout.
In his prepared remarks, Bloom said the autos task force
was watching the health of financially strapped parts suppliers
closely.
But he also said that U.S. officials would take a hands-off
approach to decisions on how to implement an attempted
turnaround at GM and Chrysler now.
Now that both GM and Chrysler have selected new boards, the
U.S. Treasury will not have any involvement until those
just-appointed slates of directors are up for election next
year, Bloom said.
"That will be the full extent of it," he said in response
to a question from Warren.
Chrysler's new board of directors meets this week for the
first time since the automaker emerged from bankruptcy in June
to start charting the course for a turnaround under Italy's
Fiat SpA.


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