The House Financial Services Committee will reconvene for another round of auto industry bailout hearings at 9:30 am on December 5, reports Automotive News [sub]. The committee did not release a witness list, but it is expected that the CEOs of General Motors, Ford Motor Co. and Chrysler LLC will appear for a second round of begging. We’re also learning that each company is expected to provide two documents to Congress. One would be a shorter, public summary. The other would be a longer, detailed document including proprietary information, to which Capitol Hill access would be tightly restricted, according to GM spokesfolks. Needless to say, TTAC will be posting the public copies, and would be more than happy to post the restricted versions as well, should any principled public servant feel that they deserve public review. You can find our contact form on our navigation bar at the top of your page. Meanwhile, the Senate Banking Committee has yet to schedule public hearings, and we’re still waiting to see how this will affect the planned caravan of love from Detroit to DC. We’ll keep you posted.
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Too bad GM won’t be submitting the plan Richard Tilton laid out here in DW 219. That I could get behind.
Thanks for the reminder. Time to clean out the TiVo !!
What happened to the 2 Dec date? Are the CEOs still coming back for more ridicule, er I mean, grilling, um I mean, caning (if there’s a God), ah I mean, scolding?
They are going to give them the money. The Dems owe the UAW and the’re going to pay them off. Will be lots more bailout money when Obama starts on Jan 20th.
re:picture. Barney Frank wouldn’t know a “good” plan from a “bad” one. Or would he?
Since we taxpayers are being extorted to “loan” them money, then shouldn’t we be entitled to see the work of fiction they submit as their “business plan”?
yankinwaoz —– shouldn’t the same be said of AIG and Citigroup??? Why no public hanging for them???
If these extortionists get a dime, then they should be boycotted.
Guaranteeing the loans, which Paulson did, is the equivalent of the bank guarantees.
Car sales are not coming back, because unlike real estate in much of the country there always is recourse and repo happens quickly.
No one with good enough credit, even for a domestic car, is going to throw it out the window to drive a car for a couple of months at most.
Even if they might want to live for free in a house for a year as foreclosures are very slow right now.
No way should net taxpayers support entitlement whores that make three times as much for totally unskilled labor.
Racebeer
“yankinwaoz —– shouldn’t the same be said of AIG and Citigroup??? Why no public hanging for them???”
AIG and Citigroup are very closely tied to the politicians in this economic mess. Particularly the Dems. Could be more like hush money.
The top management at AIG was replaced with more compliant types that would insure the bad mortgages around the world. Citigroup was run by ex Dems like Robert Rubin.
Further Citigroup, el al are not being “saved” in the sense the UAW wants to get saved.
Citi is laying off more then 35K people for example, to adjust to the new markets.
There is only so much of a market for 2.x cars, personnel has to be cut. The unrealistic attitude of the UAW now dictates BK, contract renegotiation and DIP financing with much lower production numbers.
double post
@bluecon
correction in order: “Citigroup was run by ex Dems like Robert Rubin.” Not quite. More precise version:
Citigroup was run into the ground by Clinton’s Secretary of Treasury Mr. Robert Rubin who served later as Chairman of Citigroup.
And yes, automakers will get a LOT of money
Stocks are up bigtime (percentage wise).
Somebody thinks something positive in going to happen.
duplicate post above took forever to post.
Don’t worry, the messiah will save us. Why look who he appointed to the President’s Economic Recovery Advisory Board….Paul Volcker. He did such a great job during the Carter years as Fed Chairman. So much for change…..this is what you get when you vote on fluff rhetoric.
Why look who he appointed to the President’s Economic Recovery Advisory Board….Paul Volcker. He did such a great job during the Carter years as Fed Chairman.
Now see, this just proves that you’re throwing enough crap at the wall and hoping it sticks.
Volcker is considered the best US central banker in the last fifty years. He’s an absolutely inspired pick, one who should be Treasury Secretary (though rumor has it he was offered the post and turned it down).
I don’t know why so many Republicans are damning Obama’s administration before it starts, ready to sabotage it at every turn. It’s as if they lost and WANT the country to go further down the tubes for spite. Maybe they hate America?
A week ago CarPerson (that would be me) stated the plans would be stamped “Proprietary and Confidential” to block any meaningful debate on the merits. Low and behold these original thinkers did just that and seemingly got congress to go along with it.
The reality is that damn little if anything in what they are filing is really worthy of being considered competitive secrets that would materially benefit their competitors if it or they became known. Treat it at a scam to interfere with an honest review and debate on the bailout by ALL stakeholders.
If congress in on their game, they will take the full version, redact (black out) those few items, such as dollar amounts, time lines, and milestones, and release it for the public to review.
Find out who your federal representatives are (very easy using the web) and dash them off a note (also very easy using the web) stating you are very much against the chicanery the auto industry leaders are planning by shrouding their plan in secrecy.
Have your best buds send an e-mail or two expressing the same disappointment in the auto execs and asking they not allow this to happen.
bluecon & autonut ….
BINGO. You guys get the prize!!!!!! In the words of that famous person I can’t remember, “It’s not what you know, but who you blow.”
Question of the month:
How much of the $25B+ would you guess has already been “earmarked” for return to 2010 congressional campaign coffers?
Find out who your federal representatives are (very easy using the web) and dash them off a note (also very easy using the web) stating you are very much against the chicanery the auto industry leaders are planning by shrouding their plan in secrecy.
Actually I’ve been calling members of the Michigan delegation as well as other Senate and House members asking them why they aren’t asking for turnaround plans to be provided by Citigroup and the other banks who’ve been bellying up to the taxpayers’ trough.
If congress in on their game, they will take the full version, redact (black out) those few items, such as dollar amounts, time lines, and milestones, and release it for the public to review.
That will surely inspire folks to share confidential information with congress.
Tell me, are you as interested in Citigroup’s plans?
Ronnie, you presumptuous person you!
• Citi and others HAVE provided what they need the money for! It’s just too boring the Main Stream Media to see fit to cover it. Try Barrons.
• Citi’s money troubles are far less interesting to me, I know less about it, and don’t care to get involved other than opinioning selling something you don’t own (short selling) is called fraud and “Hedge Funds” are more correctly called “Ponzi” schemes. Jesus threw the money changers out of the temple for a reason. You would think we’d take that as a heads-up but that has yet to happen.
As far as the legislature making available to the public that which is given it, I’ll take whatever chilling effect this may have (I’m skeptical it will have any) to keep the government open. When stuff goes on in secret behind closed doors, it never is for the public good. Never. Never encourage secrecy in government. Never.
Im sure the restriction on ‘Bankers’ and the humiliation of them will be the same as the Big 3
what,no,lets see here…
humm..
the banking industry has gotten how much now…..
WITH ABSOLUTELY NO ACCOUNTABILITY.
The senators and congressmen that allowed legislation providing homes to people with 500 credit scores…Hey its politcs!
again NO ACCOUNTABILITY!!!!
But the Executives of the big three are to grovel in front of the bastards that have gotten away with pretty much destroying MY retirement!
In my humble”not TTAC best and brightest”opinion,the associates of the ‘big-3’need to thank these guys for going through this pompous show of political BULLSHIT.can you imagine being belittled by a senator/congressman who helped make this mess and not being able to call him on it???
these executives are representing thousands of associates,not a board room with greedy bankers or a bunch of self serving politicians that should have been voted out of office!!
You the ‘best and brightest’ had the chance…
but its MUCH easier to go after the Auto Exe`s
Total,Total….bullshit!
“I don’t know why so many Republicans are damning Obama’s administration before it starts, ready to sabotage it at every turn. It’s as if they lost and WANT the country to go further down the tubes for spite. Maybe they hate America?”
Well that’s chutzpah, after watching what the Dems did to Bush, even before he took office and wishing for bad news on the economy, the GWOT, and who knows what else. Of course this wasn’t all Dem politicians but there were plenty, they were loud, and they were influential. Maybe some of the Republicans have learned a lesson from the masters.
Myself I can’t root against my country, no matter who holds office. It does bother me that so many of the big O’s appointments are Clinton associates. I fear that they will set up an administration within the administration.
Well that’s chutzpah, after watching what the Dems did to Bush, even before he took office and wishing for bad news on the economy, the GWOT, and who knows what else.
You mean like rolling over and giving Bush everything he asked for? Wow! They were really hard on him. Less than a year ago the Dems were still giving Bush free reign on everything. They passed telecom immunity even though it angered much of their base. I must of missed the news about the Dems wishing for the GWOT. Perhaps because it never happened.
Bush took his eye off the ball. Instead of watching over the health of America’s economy, he spent his time lying and scheming to pour our money into the Iraqi desert. If the Dems would have actually stood up against Bush and his near religious-like faith that free markets cannot fail then maybe we would not be in the situation we are in today.
George Dubya “Hoover” Bush said it himself: “Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we.” His administration certainly succeeded beyond his wildest dreams. Welcome to the Bush Depression.