G.M. now stands for Government Motors

[arrowsmith]

“This administration and this government have no desire to run an auto company on a day-to-day basis. It is not our desire to own or run one of the auto companies.” - White House spokesman Robert Gibbs

Despite this claim by the Obama administration, it would appear that the President would like to add the auto industry to his portfolio of businesses seized by the US Government. In a series of moves made today by the White House, Barack Obama has become the de facto CEO/Owner of all things Detroit.

U.S. taxpayers are about to seize General Motors. Reuters is reporting that as part of a planned bankruptcy deal, GM plans to sell healthy assets to a new corporation initially owned by the government. A credit line would be extended to the new company, and the bulk of the $15.4 billion loan would be written off. This follows moves by Obama that forced the resignation of GM's CEO, Rick Wagoner, and the attempted cancellation of the Chevy Volt, an all electric car deemed too expensive by his task force. Sounds like ownership to me.

Earlier this month, the government mediated the wholesale dismantling of the Chrysler Corporation when they filed for bankruptcy. The Obama administration mandated a merger with Fiat and assigned majority stock ownership to the unions while maintaining 8% for the taxpayers. I guess the billions the administration "loaned" them will never be seen again. Sounds like ownership to me.

He has already put the American taxpayer on the hook for the auto warranties on all Chrysler and General Motors autos with his Warranty Commitment Program. Woudn't that be something for an owner to do?

Frisco Conservative Examiner: G.M. now stands for Government Motors