IF GM gets its act together, finally, what difference does it make what President it happens under. GM will outlast Obama, (believe it or not, he will be gone someday) and if they produce the best car for you, then buy it.
If GM manages to control its losses somewhat (which will be portrayed as a HUGE success by the administration and the media), you know what kind of precedent that's going to set ?
"Govt succeeded where private ownership failed"
For all practical purposes GM is now a state run company, like Lada.