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Bob Lutz, who has retired from his vice chairman position at General Motors, said that the new GM that comes out of the “cleansing” of the radical restructuring will be “smaller and leaner but a powerhouse” that is very profitable.

As for GM going into bankruptcy, Lutz said: ”We intend to get in and out very soon. The U.S. government wants its money back, and our plan is to pay it back as quickly as possible. The U.S. government doesn’t want to own auto companies.”

Separately, Lutz said that he envisions the Obama administration’s auto task force to become a permanent entity in the government, exercising ”benevolent oversight” of the auto industry.

“I fully expect and I hope that it will be replaced with some sort of permanent structure that facilitates the continuation of this dialogue,” Lutz said in his speech today to the Automotive Press Association.

Source: AutoObserver