General Motors has posted two profitable quarters and is said to be preparing an initial public offering of stock. The federal government bailed out the automaker against the objections of Tennessee Senator Bob Corker, but the Senator is taking some credit for GM’s turnaround anyway.
Senator Corker suggested bankruptcy-like restructuring of the company from the get-go in December of 2008. His proposal to reduce GM’s debt load and cut the pay of union workers attracted the ire of Detroit, but those steps were ultimately part of the comeback. Corker says GM is a much healthier company today.
“Even though it didn’t happen the way I thought it should, I still feel, I get a lot of pleasure knowing I impacted it in a very big way.”
What Corker objected to, he says, was the Obama Administration’s reaching in and firing GM’s CEO and clearing the board of directors. He says the automaker should have been allowed to make those decisions on its own.