general motors filed for chapter 11 bankruptcy. coming up, a statement from president obama on general motor's future along with the remarks from the company's c.e.o. e on c-span. [applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2009] >> thank you. thank you. thank you very much. thank you. thank you. thank you so much. the afternoon. i am honored to be in the timeless city of cairo. i am being hosted by two remarkable restitutions. for over 1000 years, this us stood as a beacon of islamic light. for over a century, cairo university has been a source of aesops advancement. together represent the common between position of progress. i thank you for your hospitality and the hospitality of the people of egypt. i am also proud to carry with me the good will of the american people and a greeting of peace to muslim committees in my country. [applause] we made at a time of great tension. that is between the united states and between muslims around the world. tension rooted in historical forces that go beyond any current policy. the relationship between islam and the west includes centur

c.e.o. of general motors, hires his guy, appoints all but two members of the general motors board of directors, said, i don't want to run this company but you're going to have to build a car that looks and runs like this and stop building these cars and we're going to make this all environmentally friendly in this fashion and we're going to decide who gets paid how much, who gets paid, because he fired the c.e.o., and how much. and by the way, we had a c.e.o. of a.i.g. that was working for a dollar, that came to this congress, that i think was treated disrespectfully by the members on the panel, and he should have and did thrown the thing up. he was trying to do the right thing for america. for $1 a year, and that wasn't enough to sat satisfy him. and so i'm thinking -- enough to satisfy him. so i'm thinking, what company would be exempt from the scrutiny of the executive payroll czar? i can't think of one. because they view these corporations as being evil capitalist corporations but they still haven't looked over into hollywood, for example, and decided that some of the actors and directors

now, we sent the same request for information to the general motors c.e.o., and his answer was: "you've asked about situations where g.m. will authorize the establishment of a new dealership near the location where a current profitable dealer has been asked to wind down operations. it is not our plan for current dealerships to be wound down only to open up new dealerships. rather our plan is to reduce overall dealer count. however, in those rare instances where we do open a new dealership in an area previously served by a winding down dealer, we commit to provide advanced notice to former dealers and allow them an advanced opportunity to apply to run the new dealership." now, i think that is a step in the right direction, and i hope that that will be followed through on in a legitimate and positive way. because it would be the -- the most cruel cut for a dealer who has been closed, a dealer that is profitable to all of a sudden have a new dealer come in to -- excuse me, madam president -- for a new dealer to come in and open on the same ground or in the same area as the dealer who was c