VIDEO: Corker: Government is GM’s de facto owner now

The government is the de facto owner of General Motors, Sen. Bob Corker (R-Tenn.) asserted Tuesday.

A day after the government agreed to continue funding GM and Chrysler while they continue to rework their restructuring plans, Corker said the government has essentially stepped in to run the legendary manufacturer.

“I think one of the things that they have been right to do is to hesitate to step in and run one of these institutions,” Corker said Tuesday on the Fox Business Network. “That is not what happened yesterday. Let’s face it: the U.S. government owns the General Motors company, de facto.”

Corker, a leading Republican voice during congressional debates over whether to bail out the companies, did acknowledge a double standard between the treatment of Detroit and Wall Street, saying the government should “absolutely” be tougher on financial firms on goverment support.

“I have from day one felt that we should be much tougher on the banking industry,” he said. “And the fact is that Tim Geithner’s going to come forth with what I hope is a very tough stress test for these banks. He’s doing that right now.”

“I think that we have just been metering out taxpayer dollars to these institutions, and not asking for tough decisions to be made,” Corker added. “So there is somewhat of a double standard.”