Megan McArdle notes that the POTUS speaks, and GM CEO rolls. She concludes:
On the other hand, it can hardly hurt. And the symbolism, both to the taxpayer and the employees, is important. GM can't be given vast sums without some visible sign of serious change. Let's hope the new CEO actually brings some, rather than providing window dressing for a continuation of business as usual.<rant>It can hardly hurt? What? You have the POTUS interfering with nominally private corporations, and you think this can hardly hurt? Repeat after me, lady: precedent, precedent, precedent. This interference should strike fear in every capitalist heart. Oh, wait: you voted for this fellow. Never mind.</rant>
Baldilocks is equally queasy.