Former Massachusetts Gov. Mitt Romney, preparing for another presidential run in 2012 after finishing 2nd to John McCain in the Republican primary in 2008, has a new book coming out that accuses the White House of micromanaging business decisions made by General Motors now that the government owns a significant portion of stock in the company as collateral on tens of billions of dollars loaned to the company.
Both GM and the White House dispute that account, the Detroit News reports:
GM spokesman Greg Martin said the “calling the shots” assertion isn’t true.
“Our experience has been that the administration has been true to their word,” Martin said. “We are free to make the business decisions to restore GM to profitability. We’re making progress, and we are confident we have a bright future.”
White House spokesman Matt Lehrich told The Detroit News, “President Obama took difficult and politically unpopular steps to give the American auto companies a second lease on life and save tens of thousands of American jobs — and today these companies are emerging stronger than ever.
“While the president will continue to monitor the taxpayers’ investment in these companies, he has enough on his plate to have no interest in running them. We don’t, nor have we ever, run the day-to-day operations of GM. Decisions and management are handled by the company alone.”
Romney’s proposals and criticisms on the question of what the government should have done to help GM and Chrysler over the last year and a half have been all over the map, sometimes for the bailout and sometimes not. He now says he was for a managed bankruptcy, but without any federal money, something that was impossible to do with the tight credit markets at the time.