U.S. Progressing on Planned GM Share Sale This Year, Bloom Says
The U.S. government is making progress on its plans to sell shares in General Motors Co. before year’s end, an aide to President Barack Obama said.
“We’re hopeful that General Motors can go public later this year,” Ron Bloom, senior counselor for manufacturing policy, said in an interview on Bloomberg Television today. “We think things are going well.”
Obama, trying to highlight success in the government bailouts of Detroit-based GM and Chrysler LLC, travels to the Detroit area today to visit a Chrysler plant and a GM facility that are adding production. Obama plans a stop next week at a Chicago factory run by Ford Motor Co., an automaker that didn’t seek U.S. aid.
Polls that show the public is skeptical about the $84.8 billion rescue of GM and Chrysler. Republicans have been critical of the bailout, along with Obama’s broader economic policies, and the rescue may be among the issues in the November elections to determine control of Congress.
“All three of the companies are making money,” Bloom said. “We did the right thing.”
To contact the reporter on this story: Todd Shields in Washington at tshields3@bloomberg.net
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