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Changing Gears · GM’s Chairman: Gas Tax Could Help Sell Cars
June 7th, 2011
General Motors shareholders met today in Detroit for their annual meeting. This is the first time shareholders have come to the Motor City for the meeting in over 10 years. About 60 shareholdersshowed up at the meeting, reports the Detroit Free Press.
The company sold over 500 million shares in its Initial Public Offering, but most shareholders are large investors like mutual funds. The U.S. government still owns 26% of the company. Our partner station Michigan Radio reports that GM Chief Executive Officer and Board Chairman Dan Akerson said he thinks a more stable U.S, economy, and more jobs, are needed before people start buying new cars.
The Detroit News interviewed Akerson in preparation for the meeting. He likened the U.S. government to his in-laws — people whom he expected to stay for a weekend, and instead stayed for a week. He also said that while it may make “his Republican friends puke,” he thinks the Government should tax gas at between 50 cents and $1 a gallon to encourage people to buy smaller cars like the Chevy Cruze.
