The prepared testimony from today’s House Financial Services Committee hearing, “Stabilizing the Financial Condition of the American Automobile Industry.”
Mr. G. Richard Wagoner, Jr., Chairman and Chief Executive Officer, General Motors Corporation
Mr. Robert Nardelli, Chief Executive Officer, Chrysler, LLC.
Mr. Alan Mulally, President and Chief Executive Officer, Ford Motor Company
Mr. Ron Gettelfinger, President, United Auto Workers
Mrs. Annette Sykora, Chairman, National Automobile Dealers Association
Mr. James S. McElya, Chairman and Chief Executive Officer, Cooper-Standard Automotive, Inc.
Professor Jeffrey D. Sachs, Director, The Earth Institute; Quetelet Professor of Sustainable Development and Professor of Health Policy and Management, Columbia University
Dr. Matthew J. Slaughter, Professor of International Economics, Tuck School of Business, Dartmouth College
And relevant coverage..
Big Three press bailout case for second day
MarketWatch – 54 minutes ago
If the domestic auto industry were allowed to fail, Wagoner said, “the societal costs would be catastrophic.” Congress is in a lame-duck session in part to …
Democrats seek to lower expectations for bailout
The Associated Press – 1 hour ago
CEO Rick Wagoner told the House Financial Services Committee that collapse of the US auto industry could lead to a loss of 3 million jobs within the first …
Jockeying Continues Over Aid to US Auto Industry
CQPolitics.com, DC – 1 hour ago
By Joseph J. Schatz and David Clarke, CQ Staff The Senate’s top Democrat Wednesday sought to shift the burden of helping the auto industry onto the White …
Senate seeks compromise on auto bailout as CEOs testify for a 2nd day
USA Today – 1 hour ago
“There is a way forward that will help protect the jobs in the auto industry, while also protecting taxpayers,” McConnell, a Kentucky Republican, said. ..
The latter refers to a statement made by Minority Leader McConnell, “A Bipartisan Path Forward to Protect Jobs, Taxpayers“:
So let me suggest a bipartisan path forward that has not yet been offered by the majority. It’s a compromise being worked on by Senators Voinovich and Bond which repurposes funds already appropriated by this Congress to fund a $25 billion loan program for automakers to build advanced technology vehicles—coupled with new taxpayer protections and federal oversight of how the money is spent. This is a proposal which I believe has support from both sides of the aisle, and that actually has the potential to pass right now—not next year.
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