Obama Administration Expects Government To Hold GM Shares At Least 2 Yrs -Source
08 Mai 2009 - 9:19PM
Dow Jones News
The Obama administration is planning for the U.S. government to
hold an ownership stake in a revamped General Motors Corp. (GM) for
"at least two years," a person briefed by the administration on its
plans said Friday.
Under the latest restructuring plan for the nation's largest car
maker, the U.S. Treasury Department would forgive about $10 billion
in loans to GM in exchange for at least a 50% equity stake in the
company, according to the person, a Capitol Hill lawmaker who spoke
on the condition of anonymity. Neither GM nor the Obama
administration has said publicly how long the government would hold
onto GM shares, and discussions are ongoing.
But administration officials have told at least one Capitol Hill
lawmaker that the administration expects the government to hold GM
shares for at least two years out of "necessity," said the person,
who declined to comment further.
The administration has said it doesn't intend to run the daily
operations of auto companies. Under the latest GM plan, the
government would have the power to appoint board members but
wouldn't directly manage the company.
-By Josh Mitchell, Dow Jones Newswires; 202-862-6637;
joshua.mitchell@dowjones.com