President Obama announced this week that the U.S. taxpayers, now own 60% of General Motors. Just who will benefit from this investement? As GM’s bankruptcy was filed this week, President Obama tells us that GM will be "revamped", made leaner and meaner to make it profitable once more. Blogger "Emptywheel" reports from the White House press conference that Obama announced that the principles behind "fixing GM" would bascically be to :
* Install the right kind of management
* End the need for government support as quickly as possible
* Protect taxpayer investment
* Do not interfere with day-to-day operations
* No government employees will serve on the board
* Only participate on core board issues, such as selection of board members, major events, and transactions
But who will do the installing of the "right kind of management" with no government employees serving on the Board of Directors? Why not allow those with the highest stake in the company's future make those decisions?