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Wednesday, April 1, 2009

Obama Administration to Shape new GM Board

The Obama administration will play a key role in reshaping General Motors' board of directors over the next six months, potentially giving it even greater control in the management of the storied American manufacturer.

The president's auto task force plans to consult with the company as it replaces a majority of its board, a White House official said. The board today largely consists of the current and former chiefs of major U.S. corporations such as Coca-Cola, Ernst & Young, Pfizer and Eastman Kodak. It is not known which of the 12 board members will leave.

The president said Monday that "the United States government has no interest in running GM." But in practice it is already exerting tremendous influence over it, a situation that has triggered fierce debate over how much power the government should wield over the companies that it aids. - CBS News Story

Obama says that they have no interest in running GM, but it sure does sound like they want there people in there. It will be interesting to see what favors the Administration pays back by putting them on the Boards of these Companies that they have no intention of running. I can't remember a time when a President and their Administration has made such a grab at Power all across the American Spectrum. It is pretty scary when you think about how intertwined all of this is quickly becoming and the Power that is being excercised.

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