Obama lays out plan for GM

President Barack Obama says his government had no choice but to intervene in GM’s bankruptcy proceedings, even though the move will cost both jobs and taxpayer dollars. “I am absolutely confident,” Obama said in a speech at the White House, “that if well managed, a new GM will emerge that can provide a new generation of Americans with the chance to live out their dreams, that can out-compete automakers from around the world.” The government rescue plan calls for the Obama administration to sink another $30.1 billion into the fledgling automaker in return for a 60 per cent stake in the company. The U.S. will also write off $19.4 billion worth of loans to GM.

Detroit Free Press