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Obama: We Are 'Reluctant Shareholders'

By Kevin Spak,  Newser Staff

Posted Jun 1, 2009 12:00 PM CDT

(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.”

The first page of the bankruptcy filing for General Motors is seen in this photo taken Monday, June 1, 2009 in New York.
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)
President Barack Obama speaks about General Motors and the auto industry, Monday, June 1, 2009, in the Grand Foyer of the White House in Washington.
President Barack Obama speaks about General Motors and the auto industry, Monday, June 1, 2009, in the Grand Foyer of the White House in Washington.   (Charles Dharapak)
President Barack Obama, accompanied by members of his Cabinet and staff, speaks about General Motors and the auto industry, Monday, June 1, 2009, in the Grand Foyer of the White House in Washington.
President Barack Obama, accompanied by members of his Cabinet and staff, speaks about General Motors and the auto industry, Monday, June 1, 2009, in the Grand Foyer of the White House in Washington.   (Charles Dharapak)
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COMMENTS
Showing 3 of 7 comments
Doctor-Zaius
Jun 2, 2009 12:27 PM CDT
Clarke, you're high right now aren't you?
psycada
Jun 2, 2009 1:01 AM CDT
Tru2TM3 - The decision Clinton made was to sign the repeal of the Steagal-Glass act. Clarke is right, read a little people.
northeast
Jun 1, 2009 7:24 AM CDT
a) This is 2009. Everyone, stop making "comebacks" like it's '94. It isn't. b) All administrations use the failings of the past administrations to put their own programs forward. Hopefully we can analyze this new policy of nationalization and learn from its inevitable failure so that it doesn't happen again.

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