GM chief says federal bailout was enough

WASHINGTON, Oct. 29 (UPI) --

General Motors (GM.UL) Co. Chief Executive Officer Fritz Henderson said the U.S. government's bailout that rescued the automaker from bankruptcy was "sufficient."

"The amount of financing provided was sufficient," Henderson said on a visit to the capital, The Washington Post reported Thursday.

When asked if GM could pay back $50 billion provided by the government, Henderson said, "the loans are due in 2015. We are looking at all kinds of ways that would actually accelerate that."

"If we get our job done, I think the government has an excellent chance of getting a return on it's investment," he said.

With the government owners of 60 percent of the company, Henderson denied lawmakers were meddling with business decisions."They are the major shareholders, so they do want to be kept informed … but they're not at all involved in how we run the business," he said.


Copyright 2009 by United Press International
All Rights Reserved.

Times of the Internet, now in Spanish


Published: Thursday 29th of October 2009 02:52:56 PM
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