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David Walker
Political/Philanthropic leader

David Walker

Former Comptroller General of the United States, David Walker is president and CEO of the Peter G. Peterson Foundation.

Not Our Business

The government should not become a majority owner of any private sector enterprise unless it is compelled by law to do so.

This can happen for a limited time in the case of certain government-insured entities such as FDIC-insured banks.

However, in General Motors' case, the government's actions may result in an oxymoronic situation: although the government pledged not to control GM, taxpayers could ultimately have majority ownership of the company.

Ironically, the government did not have any direct ownership of GM when it demanded that its CEO resign earlier this year. These types of actions would not occur in the "real world" beyond Washington. Only time will tell how the government's investment in GM will play out for all key stakeholders, including taxpayers.

By David Walker

 |  June 1, 2009; 3:23 PM ET
Category:  Economic crisis Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati  
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MHARWICK, your comment is very funny. Let's all hope the government is a better (or luckier) stock trader than most of us...

Posted by: acttang | June 1, 2009 11:47 PM
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The government should place orders for all new hybrid/electric automobiles from GM to replace the entire fleet of vehicles and gives them a huge down payment to cover retooling. The electric vehicle omits no CO2 and could be called the Electrobama. No kidding. The ones that run on hydrogen gas would be called the Electrobiden.
Then the government should sell its stock into the market when the announcement is made and catch a great profit for the people.

Posted by: mharwick | June 1, 2009 6:58 PM
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