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President Obama said Monday his administration has "no intention" of running General Motors, even as the White House demanded the resignation of the automaker's CEO and called for a "better business plan" before considering lending additional government aid.
As the administration seeks what Obama called "painful concessions" out of General Motors and Chrysler, the president insisted that he does not want them to become "wards of the state."
But he said neither company has submitted an acceptable restructuring plan, so he's giving them additional time to come back with new proposals.
"These companies -- and this industry -- must ultimately stand on their own, not as wards of the state," Obama said at the White House.
Originally posted by sad_eyed_lady
GM had a name change now it is "Government Motors". Next year's model will be an inverted trash can on top of a Go-Ped.
It is my hope that the steps I am announcing today will go a long way towards answering many of the questions people may have about the future of GM and Chrysler. But just in case there are still nagging doubts, let me say it as plainly as I can -- if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe.
In fact, it will be safer than it's ever been. Because starting today, the United States government will stand behind your warrantee.
Originally posted by kozmo
Oooops, to late Obama! You already started running GM when you fired it's CEO! Just another example of Obama's 'Don't pay attention to what I do, just listen to what I say and believe it' mentality. How many more years of this crap? I'm seriously wondering if he'll make it the full 4 without being impeached or recalled.
Documents released by the Obama administration show that Chrysler can't survive without merging with Fiat SpA. The U.S. government also has no plans to provide any additional funding to Chrysler unless it links with Fiat.
Originally posted by JacKatMtn
Now we have the President demanding a CEO leave and another automaker merge or forget about any more help from Washington?