When I sat down to talk with President Barack Obama at the Ford plant on the south side of Chicago, I knew he would tell me the auto industry is in far better shape because his administration stepped in last year to save GM and Chrysler.
The success of the auto bailoutsis why the President toured GM and Chrysler plants last week before visiting Ford this week.
But there's an interesting question about the GM IPO many investors would like the President to address.
Why not make the GM IPO open to taxpayers? After all, the taxpayer money (almost $50 billion) saved GM. Shouldn't they get a chance to truly own GM and profit if it succeeds?
When I asked President Obama this question, he said, "Well, here's the thing about the IPO. I am hesitant to talk about details on an IPO because it has to go through the Securities & Exchange Commission process of registration and so forth, so I've got to be careful where I tread here."