[ArcAngel]

GM wary of government involvement in business operations
05/14/2009, 5:26 PMBY DREW JOHNSON




The United States government has already loaned General Motors more than $15.4 billion, but the Detroit automaker warns that close involvement with the federal government could hurt the company’s long-term outlook.

Although GM is currently being kept in business by government loans, the Michigan automaker wants to keep the U.S. government at arm’s length. GM is wary that too close of an involvement by the government could alter the company’s business plan and stock prices.
“We may … become subject to new and additional government regulations regarding various aspects of our business as a result of the U.S. government’s ownership in (and financing of) our business,” GM said in a document obtained by the Detroit Free Press. “These regulations could make it more difficult for us to compete with other companies that are not subject to similar regulations.”
If GM files for bankruptcy, the U.S. government will likely become a main shareholder. Although those shares could give the federal government voting powers, President Obama says he has no interest in running a car company.



What the hell did they think would happen??