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See Corker’s post-hearing interview with CNBC here.
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He was. No longer. The automakers are laughing at him for letting this stretch into the next administration. GM stock is up after close, for good reason.
Hopefully the House members will remember that they are up for election in two years.
Corker hit the nail on the head with Chrysler.
Please post the video of Nardelli facing Corker’s question regarding Cerberus’ ability to invest in Chryler.
Guyincognito:
I enjoyed watching the Master stare into space and go “acckkkk…..acccckkkkk”. How could he have not seen that coming????
Tomorrow they get beat up by Congress. Five bucks says they get minimum cash necessary to make it the Dems’ problem.
Any takers????
Huh. An intelligent synopsis of the situation from a member of my government. Refreshing.
Words. Actions?
I didn’t know anything about Corker before this whole mess, but he seems pretty dammed sharp.
Nice to see he has a real business background as well:
http://en.wikipedia.org/wiki/Bob_Corker
He was the guy who won the Tennessee Senate race two years ago wuth that blonde bimbo ad against Johnny Ford.
But he redeemed himself today with his grilling of Nardelli! I had hoped someone would ask him those questions about Cerebrus! Brilliant!
The irony is that it’s Senator Corker that want’s to revoke “Dean Bob” Nardelli’s charter, AND Neidermeyer’s already on it.
Pity that a man as sharp as Corker needs to be 10x sleazy to actually chair the committee.
Oh, and here’s a link to the campaign ad vis. Harold Ford that some people are whining about. Watch the ad yourself and make up your own mind. Personally, I think it is hilarious.
“Senator Corker is from Tennessee, home to Nissan’s North American headquarters in Nashville and a large, non-union Nissan facility in Smyrna. Volkswagen is building a new billion-dollar assembly plant in Chattanooga.”
Yeah I guess he is a paragon of vitrue in this situation – just like Senator Shelby of Alabama with his Mercedes, Hyundai, Honda plants.
Windswords, don’t forget the (former) Saturn plant in Spring Hill that makes the Chevy Traverse.
Corker ran a sleazefest of a senate campaign.
He’s also had several notoriously corrupt real estate dealings when he was the mayor of Chattanooga.
So basically, he’s a politician. And the fact that Nissan and VW have, or will soon have, operations in TN does make his motivations questionable. However his analysis is spot-on.
That being said, he did a great job turning Chattanooga into a much nicer city than it was when he started (see http://www.worstmayorever.com for news on his successor).
windswords:
One of Corker’s number one demands is that the UAW make concessions so that the big-3s’ labor costs are the same as the transplants.
That would make the big-3 more competitive against the transplants.
He’s just looking out for taxpayers. But he’s not doing a good job of it by letting this pour over into the new administration, where any conditions that are currently placed on the bailout will mean nothing.
On the government dole the big-3 are going to slowly die (like British Leyland) and the transplants are going to slowly gain more and more market share.
This is actually much better for the transplants than if the big-3 restructured and became lean competitive companies under Chapter 11 or liquidated under Chapter 7.