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Obama says he won't 'meddle in GM's decisions'

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Obama says he won't 'meddle in GM's decisions'

NOVEMBER 18, 2009 - 11:16 AM ET

WASHINGTON (Reuters) -- U.S. President Barack Obama said today his administration did not want to meddle in the decisions of General Motors and said he was pleased GM may repay government loans sooner than expected.

Asked in a Fox News interview if he opposed the use of U.S. government bailout funds for an overseas operation such as GM's European unit Opel, Obama said: "We are not going to meddle in GM's decisions."

"We are a shareholder but we are not an active shareholder," he said while traveling in Asia.

"We have specifically said that we are not in the business of running a car company. We're not getting involved in day-to-day management."

A top GM executive said on Tuesday the automaker could cut up to 10,000 jobs as part of its European restructuring plan.

GM said on Monday it lost $1.2 billion in a bankruptcy-shortened third quarter, but it vowed a quick repayment of $8 billion owed to the United States and Canada.

Obama welcomed that message.

"I was pleased to see that GM thinks it may be able to repay some of the U.S. government loans sooner than anticipated -- that's something we'd encourage," Obama said.

He made the comments in Beijing in an interview to be aired on Fox News Channel's "Special Report with Brett Baier" later today. Excerpts were released ahead of the broadcast.

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Actually they are going to have bigger problems than just running a car maker, IMHO.


Problem number one: low approval ratings because they still haven't fixed the damn economy and unemployment.

Anyway, so this doesn't get political, carry on ...

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