Obama: We Are 'Reluctant Shareholders'

By Kevin Spak,  Newser Staff
Posted Jun 1, 2009 12:00 PM CDT
The first page of the bankruptcy filing for General Motors is seen in this photo taken Monday, June 1, 2009 in New York.   (AP Photo/Peter Morgan)
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(Newser) – President Obama heralded “the beginning of a new GM” today, explaining the administration’s plans for the bankrupt automaker. He also sought to reassure the public that he had “no interest” in running GM, despite the 60% stake the government will take in the company. “We are acting as reluctant shareholders,” he said, “because that is the only way to succeed.”

Obama did, however, warn that more jobs would be lost, saying that workers were “making a sacrifice for the next generation.” He said he was, “absolutely confident that if well managed, a new GM will…provide a generation of Americans with the chance to live out their dreams.”