Corporate & Securities Law

Rhetoric Versus Reality, Part III

President Barack Obama, June 1, 2009:

What we are not doing, what I have no interest in doing, is running GM. GM will be run by a private board of directors and management team with a track record in American manufacturing that reflects a commitment to innovation and quality. They, and not the government, will call the shots and make the decisions about how to turn this company around. The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions. When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision.

Wall Street Journal News Headline, December 22, 2009: In Risky Move, GM to Run Plants Around Clock. Obama Auto Team Urged the Change; Experts Say Maintenance, Restocking Could Cut Into Efficiency.

(Parts I and II of our Rhetoric Versus Reality series are available here and here.)

Full post as published by Truth on the Market on December 22, 2009 (boomark / email).