Obama Press Conference Live Blog: GM
11:54 a.m. ET: President Obama says GM is much larger and much more complex than Chrysler.
11:56 a.m. ET: If all goes according to plan, Obama says, GM will build more cars in the U.S. than it has in 30 years.
11:58 a.m. ET: “What we have is an incredible plan full of promise.”
11:59 a.m. ET: The plan entitles American taxpayers to about 60% of the new GM, Obama says, because its survival and the overall success of the country depend on it.
12:01 p.m. ET: “We are acting as reluctant shareholders.”
12:02 p.m. ET: Today marks “the end of an old GM and the beginning of a new GM.”
12:03 p.m. ET: More jobs will be lost, more factories will close, more dealerships will shut their doors. But these people “are making a sacrifice” for the future, Obama says. Sounds like Chrysler execs a few weeks ago outlining their dealership-termination plan.
