As for General Motors Corp., its bondholders want a majority stake in the restructured automaker in exchange for forgiving their claim to $27 billion of GM debt. GM has come out with a plan that would give the U.S. government a 50 percent equity stake in exchange for about $10 billion in loan forgiveness.
The president said at a news conference Wednesday night: "You know, I don't want to run auto companies."
But he said the United States should have a competitive auto industry and that the government has a role to play in helping the companies restructure and survive. Obama said the goal is for the government -- as investors for the public -- to help stabilize the auto giants and then "get out, find some private buyers."
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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