http://www.detnews.com/article/20090531/AUTO01/905310317/1148/rss25
Detroit News, Washington Bureau
By: Gordon Trowbridge
Washington -- The Obama administration and the United Auto Workers should
immediately distribute their stock in a restructured GM to American taxpayers,
former Republican presidential candidate Mitt Romney said
Sunday.
"We don't want a president and the head of the UAW running General Motors,"
Romney, a Michigan native and son of former Gov. George Romney, said in an
appearance on "Fox News Sunday."
Romney suggested that the roughly 70 percent of GM that the government
could own after it emerges from bankruptcy should be immediately distributed to
taxpayers, and the 17.5 percent that will go to a UAW trust fund for retiree
healthcare should be handed out to UAW members.
Such a scheme is highly unlikely. The Obama administration has signaled
that it wants to sell its stake as soon as possible, but wants to ensure that it
recoups as much as possible of the billions of taxpayer dollars already pumped
into the company. The UAW is likely to try to maximize the return it receives on
its shares to boost its ability to pay for healthcare for retirees.
Romney repeated his criticism of the auto policies followed by both the
Bush and Obama administrations, saying GM and Chrysler should have been pushed
into a restructuring, either in or out of bankruptcy court, months ago.
Read more at Detroit News.......
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