(1 Jun 2009) The White House: President Obama on GM Bankruptcy
President Obama said he will invest another $30 billion in taxpayers'money in General Motors, giving the government a 60 per cent share in theauto manufacturer. In terms of assets at stake, GM is the fourth-largest corporation to file for bankruptcy. The president said he is confident that, just like Chrysler,GM will emerge from bankruptcy a better company. And he warned that that just about everyone will be asked to make more sacrifices.
OBAMA:
Working with my Auto Task Force, G.M. and its stakeholders have produced a
viable, achievable plan that will give this iconic American company a
chance to rise again. It's a plan tailored to the realities of today's auto
market, a plan that positions G.M. to move toward profitability even if it
takes longer than expected for our economy to fully recover. And it's a
plan that builds on G.M.'s recent progress in making better cars.
-----Building a leaner G.M. will come at a cost. It will take a painful toll on
many Americans who have relied on General Motors throughout the generations
So I want to say a word directly to all the men and women watching today,
wondering what all this will mean as far as their own lives are concerned.
I know you've already seen more than your fair share of hard times. We
saw 400,000 jobs lost in the auto industry in the year before this
restructuring even began. I will not pretend the hard times are over.
Difficult days lie ahead. More jobs will be lost. More plants will close.
More dealerships will shut their doors and so will many parts suppliers.
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