Thaindian News

By Ranjan Bhaduri
Nov 19, (THAINDIAN NEWS) The president of USA Barack Obama heaped praise on GM as it emerged from the shadow of bankruptcy and reestablished itself as a public company. It is well known that the legendary US car maker hit by the recession in 2008 applied for bankruptcy protection and the US government bailed it out with taxpayer’s money worth $50 billion. At that time the incident drew public wrath and the government of USA was also subjected to sharp criticism for the step. The jubilant president said in an interview “American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a very good thing” just after the Detroit based company began selling stock on Wall Street again.

The US president also said that those who criticized the moves taken by his government at the time of the GM and Chrysler bailout should understand that he “tough decisions” taken by his administration are beginning to “pay off.” He did not lose the opportunity to lash out at the GOP which severely criticized the bailout of GM using public money. The US president also pointed out the fact that after GM and Chrysler’s recovery from bankruptcy the auto industry has witnessed the creation of around 75000 fresh jobs in the USA.

As GM started selling its shares on Wall Street the share of the US government in the company went down from 61 percent to 36 percent. Robert Gibbs the White House spokesman admitted the news. He added that the government thinks that its hold in GM will cease to exist by the middle or end of 2012.