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Obama: Stock offering a step toward success for GM


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Obama: Stock offering a step toward success for GM

Nathan Hurst / Detroit News Washington Bureau

Washington -- President Barack Obama praised GM's initial public offering of stock, calling it a "step toward (GM) becoming a success story" in remarks he made just after markets closed this afternoon.

Obama said, "American taxpayers are on track to earn more than my administration invested in GM. ... The American auto industry ... is on track to growth."

Obama acknowledged there were many tough choices made regarding union contracts, management and restructuring at GM and Chrysler, but said the sale of GM stock shows Detroit's Big Three are "capable of going toe-to-toe with any manufacturer."

Echoing much of the rhetoric used to bolster the case for the historic bailout of GM and Chrysler, Obama touted the more than 1 million jobs the administration estimated were saved by investing $85 billion in the two companies.

"That (letting the automakers fail) wasn't an acceptable option," Obama said. "We are finally beginning to see some of these decisions made in the midst of a crisis pay off."

From The Detroit News: http://detnews.com/article/20101118/AUTO01/11180475/Obama--Stock-offering-a-step-toward-success-for-GM#ixzz15gRPsTMU

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