Did government ownership of GM lead to conflict of interest in dealing with defects?

NY Times:

Regulators Declined Inquiry Into G.M. Flaws, Memo Says


A House subcommittee will open hearings on Tuesday looking into why federal investigators never realized there was a problem with certain General Motors ignition systems.
They may have been trying to keep the company solvent during a period of time when there was active hostility to "Government Motors."  Contrast their treatment of these defects with their bully treatment of Toyota.  With the Obama administration's Chicago Way of dealing with regulation it is a plausible concern.

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