Quote:
Originally Posted by Berean
Here are more interesting FACTS.
http://www.bloomberg.com/apps/news?p...d=aPr5RdYjlRlQ
Here's an excerpt:
"Members of President Barack Obama’s auto task force recruited Whitacre and Kidder for their new posts. Ron Bloom, an administration adviser, reached out to Kidder, while Whitacre said he spoke with the administration’s Steven Rattner"
And this?
"Obama’s task force is replacing six directors on GM’s 13-member board, which was criticized by U.S. lawmakers last year for being too easy on company executives." |
While it is true that the Automotive Task Force did appoint most of the current directors, that seems to be the extent of their control. It was simply trying to pick the best people for the job, like most investors do. However, the appointed members are the ones who really decide what GM is going to do. The government was simply used as an investor who had loads of cash to keep the company's head above water. They do not exert control over day to day operations, or any business matter that involves product portfolio.