The Wall Street Journal notes this morning that President Obama was quick to reassure the country that, though the Fed will be controlling 60 percent of GM, it won’t be the one deciding which new cars to make or where new plants would be built. GM would be doing that.
“What we are not doing — what I have no interest in doing — is running GM,” Mr. Obama said in yesterday’s bankruptcy announcement. “When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision.”
And yet, while Obama is busy “not running GM” he still has time to make calls to the mayor of Detroit to assure him that GM’s headquarters won’t be moving to Warren, Mich., as it was offered to, but that it will be staying in Detroit.
As the Journal rightfully notes:
We don’t know whether GM should stay in Detroit. But we do know that the location of a company’s headquarters is one of those decisions typically not made by people who are busy not running the company.