President Barack Obama yesterday sought to quell unease over Washington's widening role in the motor industry by promising that his administration would refrain from directly influencing General Motors and Chrysler in all but the most critical decisions.
Mr Obama's pledge came as GM reassured customers and suppliers that it would continue business as normal after filing for Chapter 11 bankruptcy protection yesterday.
Washington is set to acquire a 60 per cent stake in GM and 55 per cent of Chrysler, its smaller rival that could emerge from its court-supervised restructuring within the next day or two in an alliance with Italy's Fiat. The Canadian government will own 12.5 per cent of GM.
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