(CNN) - House Speaker Nancy Pelosi and Senate Majority Leader harry Reid have issued a leader to the CEO's of the big three auto companies, first obtained by CNN.
The letter lists the deails of exactly what they want submitted by December 2.
Full text of the letter after the jump
Text:
Dear Messrs Wagoner, Mulally, and Nardelli :
We recognize the importance of the domestic automobile industry and are committed to working with you to ensure its viability in the years to come. One in 10 American jobs is related to auto manufacturing; our national security depends on the industry’s technologies and manufacturing capacity; and our competitiveness in a global economy depends on its pursuit of excellence.
As you know, Congress has provided President Bush, the Chairman of the Federal Reserve, and the Treasury Department the authority they need under the Emergency Economic Stabilization Act (EESA) as well as other authorities to provide short-term financial assistance to the auto companies.
Unfortunately, the Bush Administration and the Federal Reserve have thus far declined to use their powers to improve our nation’s financial stability by assisting the auto industry. Notwithstanding existing authorities, this Congress is prepared to consider additional legislation that would give the assistance you seek, provided that you submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments.
In order for Congress to act in a timely manner, this plan must be presented to Congress by December 2nd, specifically to Senate Banking Committee Chairman Christopher Dodd and Financial Services Committee Chairman Barney Frank.
It is critical that you meet this deadline since we have announced we are prepared to come back into seion the week of December 8 to consider legislation to assist your industry. We intend to give pertinent agencies within the executive branch, the Government Accountability Office, the Board of Governors of the Federal Reserve, as well as outside experts, the opportunity to comment on your work.
The plan must:
· Provide a forthright, documented assessment of the auto companies’ current operating cash position, short-term liquidity needs to continue operations as a going-concern, and how they will meet the financing needs associated with the plan to ensure the companies’ long-term viability as they retool for the future;
· Provide varying estimates of the terms of the loan requested with varying assumptions including that of automobile sales at current rates, at slightly improved rates, and at worse rates;
· Provide for specific measures designed to ensure transparency and accountability, including regular reporting to, and information-sharing with, any federal government oversight mechanisms established to safeguard taxpayer investments;
· Protect taxpayers by granting the most senior status for any government loans provided, ensuring that taxpayers get paid back first;
· Assure that taxpayers benefit as corporate conditions improve and shareholder value increases through the provision of warrants or other mechanisms;
· Bar the payment of dividends and excessive executive compensation, including bonuses and golden parachutes by companies receiving taxpayer assistance;
· Include proposals to address the payment of health care and pension obligations;
· Demonstrate the auto companies’ ability to achieve the fuel efficiency requirements set forth in the Energy Independence and Security Act of 2007, and become a long-term global leader in the production of energy-efficient advanced technology vehicles; and
· Require that government loans be immediately callable if long-term plan benchmarks are not met.
The auto companies’ shareholders, business partners, and prospective benefactors—the American people—deserve to see a plan that is accountable to taxpayers and that is viable for the long-term. In return for their additional burden, taxpayers also deserve to see top automobile executives making significant sacrifices and major changes to their way of doing business.
We look forward to working with you to ensure a viable American automobile manufacturing sector for decades to come. If we are successful, we can ensure a brighter future for the automobile industry, our nation, and our planet.
Thank you for your prompt attention to this matter.
Sincerely,
Nancy Pelosi Harry Reid
Speaker of the House Senate Majority Leader
From CNN Politics
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CNN, please correct the typos in this article. It really makes us writers look bad.
harry Reid have issued a leader to the CEO's of the big three auto companies, first obtained by CNN.
What moron doubts that democrats are going to bail out the unions..., I mean auto makers??
Good! If they are going to get any money, which they probably will, they should have conditions attached.
PELOSI AND REID WILL BANKRUPT THIS COUNTRY IF YOU LET THEM!!!!!!!!!!!!!!!!!
Here is my plan
1. I'm a couple months behind on my bills
2. I hope my next paycheck will cover my bills
3. I'll barely have enough food for Thanksgiving
4. The kids are aware that Christmas in cancelled.
How much do I get?
Help those automakers! If Paulson can give billions to banks without a paper trail, they can give 25B to 3 companies that are more tangible! At least I know where that money is going!
nothing abour breaking the union....
unless that happens, they are just delaying the inevitable......a bad product produced by over paid employees??................I just can't imagine why they are failing
Demonstrate the auto companies’ ability to achieve....
Ha Ha!!
learn how to spell letter!
The cascade effect on other businesses if even one of the Big Three collapses would be devastating to the nation and would sure further corrode confidence in our economy.
The willingness of Congress to consider a plan to help the industry out of the jam it's gotten itself into is evident in this letter, right along with its desire to protect the American taxpayer from being left holding the bag in the future.
As a layman to all this, I see plenty of safeguarding conditions in this letter to protect the taxpayers and I hope the industry, for all our sakes, will embrace them and return to Congress by Dec. 2 with all the requisites fulfilled.
This is not rocket science.
1. Remove al lof the regulations for the 3 car dealership, that are killilng them that were put in place by the DEmocrats.
2. No money till they sit down with the Unions and renegotiate the pension and hourly ratae of the employyee's.
3. CEO to give up 30% of their pay and 50% of their percs, contributing the deficit of their company.
4. Put a freeze on all bonoues, raises, etc. for at least 12 months.
5. Go back to the drawing board, and slow dow the productions, of any car, truck etc, where they are losing money.\
6.Most of all keep Gov. OUT of the big 3...
Run the company like many of us are now forced to run our homes, with out a handout.....
@ RealityKing
Bail out the unions? You're the dimmest bulb at the Sylvania plant.
I did not see anything in the letter regarding labor costs or unreasonable union contracts.
Issued a leader huh?
Mighty high expectations for a bloated, top heavy, industry that fought tooth and nail to equip cars with seat belts, fought air bags, fought to reduce fuel efficiency benchmarks, fought emission standards, and produced year after year pieces of junk that their dealerships wouldn't stand behind when failures occurred during warranty periods. My favorite was "the front right wheel fell off because you make too many right turns". $28 million annual salary for the auto exec. I have no sympathy. I doubt they can change of their own volition.
I can name the correct policy in one word: BANKRUPTCY!
We owe these junk compnies nothing! We owe these union scum nothing!!
The Democracts should be careful...don't forget we picked them as lesser of two evils, not because we actually think they are doing something right. This is a free market, stop bailing out the failures!
The automobile industry is the first thing that should have been bailed out. That is the heart of America manufacturing. Wall Street should not have received any taxpayers money. The Democrats have quite a mess to straighten out from the Bush years!!
Realityking......The deal is already in place with UAW for 2010. GM will be paying aprrox $44 per hour instead of the $73 it pays now which is inline with Toyota and Honda. So they only need a bridge LOAN, not a bailout like the banks got. Speaking of which, Did Congress grille the banks about plans, etc, NO, they just handed over billions which seem to have only gone into the banks pockets. By the way, I read that Japan is giving Toyota $56 Billion to get through the credit crunch which is the real problem. If GM sold the same amount of cars in 2008 as they did in 2007 they would have a profit! The real problem is if people can't get a loan to buy a car guess what, GM doesn't sell cars, nor does Toyota or Honda.
There is a request to bar "golden parachutes and excessive compensation" but there needs to be some union negotiations as well.
Yeah better to let Detroit go bankrupt so the Republicans and the worst President in history W get to add that to their wonderful track record the past 8 years.
The most critical expectation of the public is that whatever plan is approved of as ensuring viability of the auto industry be subject to continuous review by Congress. If the auto companies do not follow through on their commitments, the loan would be immediately callable. There must be no possibility of the bait and switch pulled by the Treasury secretary whereby the purpose of the bailout was defeated by not requiring banks to relieve the mortgage crisis as a CONDITION of receiving the funds.
For God's sake does Harry Reid ever smile??? he always looks like a miserable old man-smile a little!!!!
What moron doubts that if something isn't done for the American auto makers, and thus their employees/unions, the U.S. economy will effectively collapse.
This is exactly the kind of requirements that should be attached to a bailout. Provide the American people with advanced fuel technology American made vehicles. In the transition, provide us with carbon fuel efficient vehicles. Promise us, the American consumer/taxpayer, that you will become a properly managed, financially viable industry.
Failed business models lead to failed businesses, whether we like it or not. I appreciate Congress' desire to help the sector, but I sincerely doubt anything that can be submitted by December 2nd would indicate the drastic turnaround required to restore competitive edge to these corporations. You can lie to yourselves all you want, and throw taxpayer's dollars at the problem, but competition is competition. Every market goes down and up. Companies mst be allowed to fail.
I LIKE Nancy Pelosi. She's a spit-fire and she is VERY smart. I would not be surprised to see NANCY PELOSI as President of the U.S.. I hope she will run in 2012.
UNION POWER. It's not the workers that cause this but the thieves at the top.
We need to overhaul the auto industry. It could be done in such a way that maintains commitments to workers but removes those responsible for bad financing practices. one that removes those who pushed for a marketing strategy of the SUV.
James, I agree. Not only are the execs over paid, so are the workers. How many people to you know that get health benefits after retiring? Auto workers need to find out how the other half live!
How about giving the Big 3 the ability to tell the UAW to renegotiate their contract or pound sand.
Union labor costs are insanely high.
Good these people need a leader to take over their businesses! Socialism on the rise eh with congress issuing leaders to the big 3 and all.
Daggone we are in sorry shape.
Dear Congress,
Stay out of it, let them fall. American taxpayers have paid enough for your stupid mistakes and greed.
What moron wants to blame the democratic party so bad he/she can taste it, when the democrats haven't had control of the process for most of the last eight years? Oh, yeah, RealityKing...right there in print. How silly of me.
Bit to early to expect sour grapes to have died out as the ONLY response. Not with Ann Coulter and the radical right out there still pumping the hate/scare/bs handle as hard as they can to make money spinning crap out of truth. But, maybe, just maybe, people will gradually start to think about solving the problem more than jockeying for leverage four years from now. The hole is deep enough as it is.
1. All CEOs and officers will give up their 6 or 7 figure salaries and work for an hourly wage of $12.
2. All cars will manufactured in the next year will get no less than 40mpg.
3. No more corporate jets, no more company paid vacations, no more "gifts" to potential investors. Sell off the private fleet of planes and cars.
4. No officer will get a golden parachute ever.
5. Prices of hybrid cars will get cut in half.
While Congress is rightfully at the throats of the Big 3, why are they not after the real financial culprits contributing to the economic turmoil and mess by asking these gluttonous institutions why they are not dropping interest rates on credit card debt of the folks losing their jobs, homes, and well-being? Not saying we Americans did not ourselves contribute to our over-spending, but when interest rates are in the tank, with little more room to maneuver, why are credit card companies not ticking down the rates on credit cards to more manageable levels? 22% versus the Prime....wow!, what a profit margin, and the consumer is just subsidizing the losses in a convoluted fashion, while the financial institutions and credit card companies get fat on their investments and paybacks, yet not lending the free money they got from the government. Sure like to know why those questions are off limits to be begged and asked. Now the institutions will end up with sub-prime credit card debt, a license for more free government money, it is a spiral down no one seems willing to look at through the rose colored crystal ball. I just want to know why the powers that be do not go after them, at least until things tick more positively on solid ground.
Reid and Pelosi have drafted reasonable safeguards to protect an investment in the auto manufacturers. What are the penalties if they fail to comply with the terms once they receive the money though? With this market, it is difficult to see much recovery in the near future. Maybe they need to try some innovative marketing strategies – like leasing autos on a month to month basis.
An attemt has to be made to save the industry a jewell of America ingenuity. However, if they blew it, mecanism has to be put in place to recoup the bail out fund all of it. This can be done by special prerogative over any other creditors.
I agree with a previous posting. Where in this is a demand for union caps? Talk about protecting your own constituancy.
I am especially happy to see that Pelosi and Reid have included the demand that executives not receive dividends, excessive compensation (including bonuss) and golden parachutes. The 3 stooges that went to Washington to beg for our taxpayer dollars were not even smart enough to us descretion by flying on private jets.
It has been such an insult to all of us who are working hard and still struggling to make ends meet. No one is bailing us out so how dare they flaunt their riches in the face of the people who have to continue to sacrifice so they can feed their families.
I think that 25B should be given the the employees of GM, Ford and Chrysler and other unemployed or soon to be unemployeed citizens for job retraining and unemployment benefits to help them get back on their feet. Let the big 3 executives and the union leaders (unions are not what they used to be either (its all about the money) see what it means to miss a meal or have trouble making their mortgage payments.
are these people stupid–its not enough.. the CEO's need to step down before anything is given
Seems like really fair and reasonable requests. As a tax payer, I would be satisfied loaning the auto industry money under these conditions (and that's only because so many livelihoods are tied to the industry, and the alternative–millions of people losing their job, which takes hundreds of millions out of the tax base and spending, causing more businesses to go under and more people to lose their jobs, meaning millions of families going hungry and living out on the street–is actually worse than loaning them the money).
Congress is a bunch of idiots. All they do is whine and point fingers.
Where was this leadership and accountability during the Wall Street bail out?
I myself was insisting that some provision be included in that bail out which required the banks to lend the money to the public and to curtail bonuses to firms recieveing the money.
Hell, maybe I should be in Congress since I was prescient enough to call for these safeguards.
I expect of of 535 members, at least 1 Congress member would have raised this.
you know I would like for some one to make some GOOD
common sense sure the auto industries need to come up
with a real plan but guess what if they are not bailed out
this country is done, it would be a major trickle down of
employment we may not like it but it have to be done
think about it if they go so goes a lot of other jobs that
depend on transportation and more
Good
Realityking is ReallyStupid .....
i think the leaders of the big 3 showed where the problems of the auto industry lay – when they flew into Washington in their private jets. if they had to fly private – couldn't they have at least jet pooled?
that is why the big 3 have problems – bad leadership – the problem isn't just with the labor force and the union.
union people can build good products when they are given good products to build.
Pelosi and Reid are dangerous people. Heck if it wasn't for the public demmanding no bailout, Pelosi and Reid would have given them a check , no questions asked. I think if Obama wants change get rid of Pelosi and Reid.
Pelosi and Reid are dangerous people. Heck if it wasn't for the public demmanding no bailout, Pelosi and Reid would have given them a check , no questions asked. I think if Obama wants change get rid of Pelosi and Reid.
As a taxpayer, I am pleased at the expectations Congress has given to the Automakers requesting funding. When we go to apply for a loan, we must explain what the loan is to be used for, etc. Why would they expect to receive such a loan without requesting this valid information. Since the automakers have expressed how dire their situation is, I find it quite odd that they seem unwilling to provide the information requested.
So it's completely absurdity when the gov't take money from the rich and gives it to the poor, but it's considerable when the poor fund the rich.
Are, You, Kidding, Me?!
You know she's going to give them $ 25 billion and more if they ask.
She's scared of what might happen if she doesn't and she's too ignorant to understand what will happen if she does. She's out of her element and Obama ought to guide her through his economic team.
*complete
Why didn't we demand a plan for the Wall Street bailout?
Half the money is gone and no one knows to where? What???
oops forgot, add Barney Frank to that list of Obama needs to rid of .
Barack-get her some help-this is a huge economic decision for the country and Pelosi and Reid have neither the background nor knowledge to make these kinds of decisions.
The plan must ensure that auto-workers that don't want to move to new factories can continue to meet at the cafeteria of the nearest plant and continue to collect pay. This union rule must stay. Any union worker not happy with his job must receive full pay and be able to stay at home. Union workers should receive triple overtime if they are working more than 8 hours per day or touch more than one tool in an 8 hour shift.
Reid and Pelosi's requirements:
1) Keep the unions exactly as they are – hey, they're a big voting base for the Dems.
2) If CEO's are Republicans, fire and indict them
3) Free cars for Reid, Pelosi, and Obama.
4) Let Congress impose oppressive and irrational environmental demands.
Obama, Reid, & Pelosi – Us 3 first, America....maybe
What moron doubts that republicans will try to stop the helping out of the worker over the masters... I mean CEOs?
I don't see where it's written, they should bounce the unions... the creators of entitlement, lazy, workers with a you can't fire me attitude. The unions had their place in history. Now it's time to give them the boot. They are the creators of incompetence. I always wondered whenever they would call a strike... "just what do these morons want now"? How much more can they squeeze out of an employer?
The cars and trucks produced had an inherent planned obsolence. They would literally fall apart after the warranty... without any help from the "Big Three".
This is the Thanksgiving pie they made... let them enjoy it!
The "CEOs" have their share to blame as well. Time for an employee owned automaker where if you don't do your job, you actually get fired... what a concept!
The introduction to this letter was only two sentences long, and still "issued a leader" and "The letter lists the deails" was completely overlooked.
Wow.
I still love you, cnn, but come on!
You clowns wanted change well you're going to get it, democrat style. Tax, tax and more taxes!
I'm just happy to see that they're twisting the arms of these automaking fat cats in the direction of manufacturing fuel efficient cars. It's a crap deal no matter how you figure, but maybe some amount of good can come of it... like saving the f-ing planet.
Unless something equivilant is sent to the labor unions, making similar demands of concessions, this will not be viable. Even so, to prepare all they are demanding in less than 2 weeks, with a holiday weekend in the middle of it, is ridiculous. Especially without any demands made of labor unions that have driven up the cost of doing business. Some of the blame lies with us as consumers, as well. The auto companies have not forced us to buy big, gas-guzzling vehicles. We have demanded that they provide them. So instead of pointing fingers at the auto companies, we need to look at our own complicity in their current malaise. This is not a problem of just their doing.
I think the unions need to be held to task here too and I hope Obama has the mettle to do it.
$75 an hour? For real?
I to am in need of a bailout. My job was lost and the company closed but we did not recieve a bailout. Im struggling to make my obligations and also my mother was involved in a accident a couple weeks ago which makes it more difficult. What not tell the banks who got a piece of the $700 Billion to apply that money to exsisting debts people owe. I mean they are getting bailed out while the consumer is still bombarded with rising cost, increasing interest rates because these greedy companys see the need to increase interest rates on people and lower credit lines even if we have never been late which i have not. What congress needs to do is force these banks to lower interest rates on existing loans. That is a better way to stimulate the economy.
Pelosi is out of line. She needs to demand that NONE of the money will be used to pay for union contracts and obligations. That needs to be undone. Maybe the auto industry should file chapter 11, so they can get rid of expensive union contracts. No other worker in this country is being bailed out, yet we have to use OUR taxpayer money so that union workers in the auto industry can continue to receive money even if they don't work? NOT MY MONEY! If Obama goes along with Pelosi, you bet we'll be voting the republicans back in 2010, and maybe even a moron like Palin will have a chance in 2012.
Wake up Democrats! Pelosi, get a clue!
Notice the incredible BUSH bashing at the outset. Nancy and Harry never miss a beat. The real reason they want the auto industry to respond so quick is so that when the plan ultimately fails, Nancy and Harry can keep on blaming BUSH as he was the President when the auto bail out is to be presented. Nancy and Harry are expert at hedging their bets. Totally gutless. As usual.
Apparently Pelosi and Reid forgot about Bush's 25 billion dollar allocation to US auto manufacturers that THEY BOTH SIGNED THIS YEAR. Short term memory loss?
Of course Pelosi and Reid will do whatever the unions tell them to do. Never mind that HONDA employees just as many AMERICANS in AMERICA and somehow manages to make profits and pay their non-union employees BETTER WAGES.
What PAC will get American tax dollars "redistributed" to it next? Are we going to give the corporate corn farming industry billions in subsidies to make un-green ethanol that causes catastrophic ruin to our atmosphere? Oh wait, the dems already did that...
Congress needs to demand a clear plan for corporate restructuring. It's good that this letter wants to protect the taxpayer's money, but what's the point in feeding money to a failed business model? Make the companies go through the motions as if they were filing for bankruptcy, and then give them the money to operate and pay off creditors.
Releived to see these automakers are being held 'accountable.' And a deadline for a restructured business plan is in place! Too many people in Michigan, Illinois, Indiana and Ohio are already out of jobs due to the mismanagement of the American automakers.
Thank you Ms. Pelosi and whomever else contributed to this policy! Kudos to all of you.
Sign me,
An American Taxpayer!
WHO CARES ABOUT THE BIG 3!!!!!
my house if in foreclosure
my savings is gone
my kids will have nothing for Christmas this year
my husband is a good honest man who lost his job because the company he worked for went belly up
WE DON'T OWN ANY CREDIT CARDS
our car is an old 91 suburban WE BOUGHT AMERICAN!!!
we cant afford a new car!
I never bought into greed...i don't own a flat screen...i don't even have cable.
i don't even own a cellphone
we don't have the luxury of eating dinner every night
WHO'S GOING TO BAIL US OUT????
what makes the auto worker's jobs more special than the jobs Americans are losing?
what makes their families and homes worth saving over mine?
why cant they suffer with the rest of us????
My family is going to end up living in our old suburban!!!
Pelosi and Reid should concentrate more on investigating bush for war crimes
TO HELL WITH THE AUTO INDUSTRY!
Ah, yes. Nothing like teetering on the precipice of another Great Depression caused once again by Wall Street and the Repugs. What gets me is how quick the Rush and O Reilly crowd are at blaming the American worker for the plight they have been placed in by the mismanagement of America's economy by corrupt, inept, and overpriced CEO's and financiers who spend all day making money off of other people's money. Drastic measures are needed to keep this from becoming a free fall which will lead to the flight of America's remaining capital abroad. Don't expect acts of patriotism or sacrifice from the Uber Rich who will be the first ones to take their money and run for the exits!
Actually, I'm of the opinion that the Democrats never planned to bail out the industry, but they have to make it look like they tried so that they don't take the blame for the fallout. The industry needs to go to Chapter 11 because it's become a malignant tumor on the American economy. How many times can the same 3 companies get bailed out before we say enough is enough? It's for the best for the industry and the country. It just won't be a very pleasant transition so they want the blame to land on Bush.
Funny how the plants in right-to-work states are doing much better than in Detroit. I guess the overhead from paying union bosses and thugs for doing nothing really is a drag. How about getting paid for the merits of your work? Those of us who do not belong to a union seem to get along just fine on that principle.
Asking for a letter now..guess the heat was to much for the liberals. The taxpayers were not willing to allow the liberal twins of pelosi/reid to just hand over 25 billion taxpayer dollars with no conditions like they wanted. I guess the unions don't like the change on what they were promised before the election.
If the auto industry is going to retool for long term viability, it's time to adopt the metric system. Only the US, Liberia and Myanmar are not using the metric system. It's a global economy, but the Big Three are on another planet. Since everything is made with CNC machines, it is only a matter of changing a few parameters in a computer program to make metric parts.
Spell check, an actual proofreading or something that approximates just a tiny bit of interest in not wanting to look like a poorly run, underfunded grade school paper would be nice.
I, as a taxpayer wants to see the automaker's proposal, and be allowed to comment on it to my congressional leader.
Since we are the going to be the one's footing the bill, we should have a say in what happens.
Is this a joke? They basically asked how much money do you need, remember you have to pay us back, and you will only get it if you sacrifice profits to make green cars. What happened to negotiating a realistic labor contract to get competitive with foreign car companies manufacturing in the U.S., a plan to reduce number of brands, capacity, dealerships?
Uh CNN, how mixing in spellcheck, anyway, I hate to say this to my fellow Dems and Independants, but let them fold. DO NOT BAIL THEM OUT. I agree with Republicans 100%. Hey congress, especially on the donkey side, since you are having a hard time comprehending what most of America is saying to you, maybe you might understand it this way, Let's just say the Big 3 are crackheads, and we the American People are the Rehab center, and you are the parents in denial, IF YOU KEEP GIVING THEM MONEY TO CONTINUE WHAT THEY HAVE BEEN DOING, THIER HABIT GETS WORSE, AND WHEN THE BURNED THROUGH THE 25 BILLION, THEN WHAT ARE YOU GOIGN TO DO? GIVE THEM MORE OR LET THEM DIE? So quit supporting thier habit and let them fall on thier face, they are not going out of business. Someone will buy them (hopefully someone here in America), we along with that someone will rehabilitate them, and in a few years, they will be a productive company again. Trust me. This is not the first time a business failed and rebouned later and it wont be the last.
The union agreements are just as much to blame as the CEO's. If the Big 3 are bailed out I have the feeling that contracts will not be renegotiated and it will just put off bankruptcy for the short term. CEO's will pocket what they can while showing evidence of an attempt to make the changes promised. Then they will say they are making progress but under-estimated the amount of capital needed to reinvigorate the industry and ask for more of the unused bail-out money. This looks like nothing more than a sham. They should either be allowed to go into bankruptcy if they are unable to currently change their business model, or allow them to be sold to a foreign car company whose American investments and auto plants seem to be functioning fine, as well as having cars that are more efficient than their American counterparts. Everyone should be writing their senators and congressmen.
Finally someone asked what they will be using the money for! We as Americans need to realize that to let the auto industry fail, would not only harm those that work for the "Big Three", but also other industries related to the auto industry such as auto parts makers as well as steel and rubber manufacturers. We cannot allow that many jobs and retirement and health benefits to be lost for that many Americans. These executives that blindly led these companies into this situation should be fired and any compensation benefits they receive or are entitled to should be redistributed back into the companies.
This is two politicians we can do without. After waiting all these years to be in the majority we are stuck with these two losers
Hey, this sounds pretty much like they've covered their bases–very much unlike the bank bailout, in which there's still no accountability structure and which Bush, Paulson, Bernanke, and the fat cats are only abusing to get richer. At least the car manufacturers are thinking about saving jobs ...
Where does it demand them to keep the jobs in the US? It stands to reason this would be a perfectly good opportunity to see them open more plants here as opposed to abroad.
Democrats bailing out the unions? Is that who owns and runs the companies?
How about the Republicans bailing out all the financial companies, lining their buddy's pockets with even more money before the door hits them on the backside?
! knew CNN wouldn't post what I had to say...
welcome to 1984
i challenge pelosi an reid and the rest of the house an senate to
work for one dollar per year , give up there pensons and buy there on insurance. iam sure all polticians will feel that these significant
sacrifices are the least they can do the way goverment does bussiness
I am with you "LyonsPhilly!" Who do I address a letter to or how do I get an audience with Congress to plead my case & request a bail out? I recently adjusted my withholding allowances to ensure my taxes were paid & not a dime more. After that $700 billion dollar bail out, I figured the government had nothing better to do with my money & I need to bring home as much of my gross, as possible!
Kay
Harrisburg, PA
So much of our economy, particularly in the midwest, depends on the automobile industry that it could be catestrophic not to provide at least some monies in the form of low-interest loans. Without these loans, jobs would likely be lost not only by employees of the "big three" and their suppliers, but by local businesses of every kind who count on these workers as their customers.
Bankruptcy "reorganization" is not truly an option. I wouldn't buy a car from a company who was in bankrupcy and I can't imagine that many people would, considering there is no gaurantee that that company would be around for the life of the car to stand behind it.
Of course, everyone from the president to the janitor would have to make some personal concessions, and the corporate leadership would have to agree to some big changes, but the result would be a healthier domestic auto industry and the retention of many (still) good-paying jobs.
Who is kidding who??? To provide a meaningful and excuatable plan with the detail and variations requested by the House and Senate within 8 working days is an impossible goal!!! Who is going to evaluate the plan to determine its feasiblity ??? I do not think that the Congress has the expertise to evaluate the plan.
In my opinion it is a foregone conclusion that the Congress will give the auto industry a bailout. This bit by the Speaker and Majority Leader is just a ploy to placate the taxpayer!!!!!
A question - Why arn't Toyoto and Honda included in any discussions of a bailout package??? Maybe they have won the competion!!!!
Al Gore! Looking for Limlight again... His Idea of Glabal Warming is Stupid... He has no Natural Skills Either...
Anyone who complains about union labor costs without bringing up CEO pay being 50-100 times union labor pay is willfully ignorant.
James –
Adjustments to the labor costs and union contracts would be within the plan that they devise. Therefore, these would fall under the first requirement of the plan – accounting for how they plan to meet short-term and long term obligations and becoming viable companies in the future.
I do not believe that Congress can or should dictate the details of the automakers plan, but they can and should require that they have a reasonable one before they give away taxpayers money.
We saw what happened with the $700 Billion given away without a plan ... the Treasury Secretary seems to be winging it from day-to-day and its not clear the $$$ are doing much good.
I recently heard a radio ad for a new chevy SUV. The name escapes me at the moment. But, I do remember in the ad how they were flaunting it's economic potential with it's "24 miles per gallon – well suited to those long family trips."
24 mpg. 24.
That's what you call economical?!? 24!?
Ok, "Big Three". (Oo0o scary..) Stop kissing the rear ends of the oil businessmen long enough to let your company listen to scientists. There is NO EXCUSE whatsoever that the entire country is not driving 100mpg vehicles. NO EXCUSE. If they even have to be powered by gasoline.
My family has bought Honda vehicles made in the USA traditionally both for economic reasons and reliability. Now I'm thinking that cars built elsewhere look a bit better, if you get my drift. I'll get one of those French air-powered cars and shuttle homeless people around just to piss you off.
Also, you show up to beg for money in private jets. How? How could ..? Gah, I am just lost at this point. I have student loans, rent, utility, medical bills, insurance bills, and surprise expenses to take care of, I know relatives, friends and families who are canceling all recreation because of costs, and you show up to beg for money in private jets.
What are we thinking to give them more money? Makes no sense to me. They have not been able to run their respective companies now who says they will do it with a bailout. I hope Congress really take a hard look at the their plans. I do not trust any of them.
No that the US car companies are down on their knees, now is the perfect opportunity for the government to FORCE these companies to change their ways. 2 Points:
1) Hey GM, you want my money? Then every car you manufacture in one year BETTER BE flex-fuel. I'm talking gasoline, bio-diesel, and natural gas...
WHY WAS THIS NOT MENTIONED IN THE LETTER?
2) There are essentially 2 costs that go into making a car: labor and materials. Materials costs worldwide are essentially the same given globalization. So no car company in the world really has much of a competitive advantage on that front. But US labor costs (i.e. Union Contracts) are ridiculously high, and that is why the US is not competitive.
How is it fair that under-educated laborers get paid $30/hr. Hey everyone in a union, you want to keep your job? You should consider a pay-cut…or you can be stubborn about it and crash-and-burn with the rest of the US auto industry. $20/hr is a lot better than $0/hr. Think about it.
OF COURSE, RE-NEGOTIATING LABOR CONTRACTS WAS NOT MENTIONED IN THE LETTER. Pelosi’s ideology (and democrats in general) about always having to 'protect the people' happens to be a really bad idea for everyone's long-term prospects of keeping a job.
The CEO of Japan Airlines gave himself a pay cut and now earns less than his pilots, he gave up his cushy perks, he has lunch in the cafeteria with his employees, and he takes the bus to work. I'm completely disgusted with the greed and expectation of entitlement of the CEOs in this country, not just in the auto industry but the others as well.
who types this and to think there are educated smart and hardworking pple like me who are stuck wking @ crappy jobs who could do a better job than this.
this bail out is such a scam. just a final blow to the american tax payer before the crooks leave office. I laugh at the thought of the big 3 actually being able to pay back 25 billion dollars with there shoddy merchandise and horrible union workers. 75 dollars and hour to screw some bolts? They should be making the same wages mcdonalds pays.
Who is the leader they issued? CNN, do you have any editors on your staff?
Bankruptcy is the answer. We need new companies making viable vehicles. Maybe they can sell their jets on e-bay.
A November 21st, 2008 5:05 pm ET
Asking for a letter now..guess the heat was to much for the liberals. The taxpayers were not willing to allow the liberal twins of pelosi/reid to just hand over 25 billion taxpayer dollars with no conditions like they wanted
Actually you are an idiot, the 25 billion, unlike the 700 TRILLION the republicans GAVE away, would have been a LOAN at 5%. I now see why the economy is so bad idiots like you do not know the difference between GIVING MONEY TO BANKS WITH NO RESTRICTIONS and LOANING MONEY TO AUTO MAKERS... idiot
With Pelosi and Reid dictating we are doomed!
A question — Why arn't Toyoto and Honda included in any discussions of a bailout package??? Maybe they have won the competion!!!!
Actually JAPAN has already provided a bailout to their automakers.. try actually looking at some real news instead of just reading blogs for a change
I would also like to see ALL automobiles produced by these manufacturers produced in the USA by American workers.
If taxpayer money is going to be lent, it must be spent to produce cars here at home, not in Mexico, Canada, and definitely not in Russia!
I am pleased to see that bonuses and other financial gains for those responsible for the condition of the industry was addressed in the letter.
It is only fair for the congress and senate to know what the auto execs are going to do with the tax payers money and not simply dole it out to them and no questions asked which I think Henry Paulson did in giving the money to the bank execs withour first asking them how the money will be used, a big mistake.
Congress is not filled with thinkers only those that point fingers after the fact.
The lack of conditions on the $700B was a glaring ... at least to me ... shortcoming ... 6 weeks ago.
Smarten up Congress.. can we elect some people with business experience or some engineers ... i.e. people that solve problems in complex organizations ... instead of a bunch of lawyers and Joe-the-Plumbers?
Business Plan! Business Plan! Business Plan!
It's about time the government gets it. These are HIGHLY paid CEOs. It's time to stop rewarding the failures of these companies. They wento Harvard, Yale, wherever--the best business schools in the country. They need to present a Business Plan that WORKS! Before they are handed any money. Otherwise the government is just paying these CEOs to delay the inevitable so that they can make a couple of more millions dollars to do nothing but make bad decisions..
Don't bail them out. Force them to file for Chapter 11 Bankruptcy protection. Force them to reeavaluate how they operate and make necessary adjustments.
The UAW President said the government HAD to bail the Big three out or millions would be out of work. Sounds like a veiled threat of a strike by the UAW. I bet if they go on strike, there would be thousands of people lined up to take those jobs at significantly reduced wages which would be a good start to the restructuring of the Big 3.
All the demands put forth by the legislative branch seem to be chapter 11 bankruptcy without the courts control. Why not let them go Ch 11 and get restructured with the courts being the watchdog. I have more faith in the judicial branch than the elected branch when it comes to something like this
Hey CNN what happened to fact check???????? Was it just for the elections?? Bring it back!!!!
All I hear is NO! to the bail out. I guess Congress still doesn't listen to the peopel.
The Democrats(Obama) will bail out the unions because they bought him with their huge "donations" to his candidacy for president.Change ,what a joke,we've been more than had.
The requirements are clear, the only thing I would have included is that they need to sell their fuel guzzling, multi-million dollar, private jets and use that money to help their companies.
I can't even get to reading the "leader" or studying the "deails" of the demands because my mind can't get past the fact that CNN can't bother to proof-read their articles before posting them. Not to mention that it has been up for hours now and still is not fixed....? Come ON now.
If you want to fix the problem get rid of the excessive union salaries. Of course the democrats won't do this since they're bought and sold by big labor. Every state should be a right to work state.
I don't think there is any doubt whether the Democrats(Obama) will bail out the unions, because they bought him with their " huge donations" to his candidacy for president.Change ,what a joke,the whole thing is and has been a lie,we've been more than had.
Are Pelosi and Reid really looking to help or are they really looking for handouts? For themselves, obviously!
The demands set forth in the letter don't go nearly far enough. They need to go leaps and bounds beyond the current fuel efficiency targets. They need to be revolutionary, not evolutionary.
Further, Moe, Larry, and Curly need to be fired. For them to show up as arrogant as they were with their 3 separate jets show us that they don't have a clue. The auto company leadership is what got them to such a pathetic state in the first place. They need new blood.
The whole mess smells like we're about to reward bad behavior and the lack of both innovation and business sense. Only problem is, if the Big 3 go down, a lot of others go down with it.
No matter what, I want to see the paychecks of senior management cut 3/4 and bonuses paid WHEN GOALS ARE ACHIEVED. Take a look at Japan Airlines CEO – he reduced his pay to below the pilots and to respect workers his age forced into early retirement. That's honorable. American CEOs? Despicable!
This letter is essentially seeking what Chapter 11 would call a Plan of Reorganization. Chapter 11 permits management to put such a plan together and it would permit the auto companies that chose this path to review all of its contractual obligations - pension, health care, suppliers, dealership - and renegotiate them to fit what a reorganized company could achieve. Government funds would, in essence, become the financing mechanism as any large company in Chapter 11 must have. The other implication of Chaper 11 is that it can take a longer term view which this case is going to require under the best of circumstances. Do it right the first time.
Any short-viewed "bailout" is going to simply be the first of several. Remember the failed S&L's in the late 1980s? How many times did Congress have to keep adding money to the till?
dave said "Anyone who complains about union labor costs without bringing up CEO pay being 50-100 times union labor pay is willfully ignorant."
dave: Most people are saying both union greed and executive greed are at fault.
Will some one please Tell Nancy Pelosi to shut up before she and George Bush run this country any further aground. Given 2 weeks and enough performance data I could craft an overly convincing plan that would have congress offering $50 Billion instead of $25B. It does not take a Harvard education to put a convincing face on greed and sell it to a group of idiots who think "the big three" will abide by their written words. The check was written before Americans were invited onto the ride. This circus is simply a way to exempt everyone involved from being charged with theft later on.
why the full bill? i don't have a problem with a viable company paying its workers a living wage ($30/hr.; if the ceo and upper management are in the $250k range (i understand completely what we pay our nation's president, albeit an auto exec or any exec seeking bailouts, is far more demanding than commander in chief) if the ceo's of auto(nomy) can present some form of radically different directions – with huge cuts in corporate perks and compensations; significant immediate fuel economy improvements; flex fuel/alternative mandates for 2010/11; significant quality improvements; then hold out a carrot and offer $10 billion (i mean it's only a month of a war in iraq...) and let's see these potzers walk the walk... if not let them sink... if they manage then we'll see... but the taxpayer reaps rewards on our investments before these ceo's and boards...
"Our liberty depends on the freedom of the press, and that cannot be limited without being lost." — Thomas Jefferson
The Government caused this mess, why would anyone believe they can solve it? The big three of Pelosi, Reid and Dodd should resign immediately-hopefully Frank and Cox will follow. I am stunned by the stupidity of this Congress.
Spelling . . . . It's a good thing.....
So the nannies Harr-iolsi want a business plan, do they? And they will absorb and understand it in 6 days?
I doubt either of those clowns could comprehend the function of a pinion gear in 6 days.
Had they sent me that high and mighty letter, I would identify a soft warm place they can put their money – a lot of it my own – and proceed directly to Chapter 11 bankruptcy court.
Pelosi & Reid need a plan for 25B to the auto makers what was the Plan for the original 700B
This money is going to be used to downsize and restructure, anyone who thinks that the auto companies are going to get enough money to convert all of their products into flex/hybrid products is living in fantasyland. No way are they going to get that sort of cash.
What a golden opportunity to bring the automobile manufacturing workforce compensation and benefit packages in line with other manufacturing jobs. It presents an even better opportunity to shrink the gigantic gap between executive compensation and the front-line worker.
Nancy Pelosi and Harry Reid need to take a look at the recent sacrifices made by Haruka Nishimatsu, CEO of Japan Airlines. Then, ask CEO's of U.S. Auto makers what sacrifices they have planned to make.
I predict the difference in sacrifices will reflect an attitude, main the source of the U.S. Automobile manufacturing problems.
YES DO NOT BAIL THEM OUT AS WE ARE NOT SOCIALISTS OR COMMUNISTS.OPEN YOUR BUSINESSES IN ASIA AND WORK WITHIN YOUR BUDGETS JUST LIKE ORDINARY NORTH.AMERICANS
ANOTHER SHOT WOULD TO ASK A REFUND FROM OVERPAID UNION WORKERS OR THE UNIONS HTEMSELVES FAILING THAT ASK YOUR BROTHERS IN TOYOTA OR HONDA MOTOR COMPANIES
MOVE OR GET ON WITH IT NOW!!!
No bailouts at any time.
Sounds good to me, but, will the Big 3 agree?
The big 3 need to go bankrupt... plain and simple.
This will allow them to learn humility and hopefully get them to go back to business 101. Produce a product that people actually want... Buy parts at a reasonable rate... pay your employees a fair rate to manufacture your product... sell the product for a reasonable, yet profitable, price...Give bonuses based on profits only... take care of your employees and customers always.
Executive compensation shoud be the first reform but right after that should be the renegotiation or cancellation of all UAW and vendor contracts.
The country's biggest issue with this situation is that Harry Reid, Nancy Pelosi and Barny Frank are the players. I'm horrified at the thought. I wonder if any of these people actually have signed the front of a paycheck before?... I doubt it.
As a conditionof any bail-out money, the three CEOs and the head of the UAW should be required to resign without any severance packages or golden parachutes of any kind. They led the industry into the tank and should be fired. They could at least do the honorable thing and resign. By keeping the same people, with the same mind-sets, in place, nothing is going to change in the industry. There should also be an aggressive and measurable set of performance metrics with the release of bailout funds tied to performance. If they can't change, and change quickly, they should be allowed to go the way of the dinasaurs.
As someone who, over the years, only buys american made products including everything from clothing to cars, what can we expect to happen to our manufacuring when the majority of people purchase foreign made products. I recently purchased a new washer and dryer and in researching where they were manufactured, found only 2 brands that are made in the U.S. This is indicative of what's wrong with our economy. We are becoming a nation of service workers only and manufacturing is going out the window. If the car companies disappear, that's it folks. Minimum wage jobs for the majority. By the way, I drive a 2007 corvette and since it's my 7th one, I think GM is great!
I believe I have discovered a very reasonable and taxpayer money free, way out of this mess:
Dear Exxon/Mobil, British Petroleum, ConocoPhillips and Texaco:
Time to pay the piper! Lend us – your number one reason for existing – $40B to keep us afloat, 'cause if we go down, you go down. If we get the money from taxpayers, they are gonna force us to make fuel efficient cars, so that's the end of your gravy train. Send check ASAP!
Love, The Gas Guzzling Auto Makers.
Before anything can be done I think we need to get rid of the union. Their demands for more pay and benefits is just to much as is CEO pay. Get rid of the unions, pay a fair wage and benefit package, cut CEO pay and link it to the success of the company and you will have a great company. Toyota, Honda ande Nissan does it without any major problems and they are building more Plants in the south while our car makers are closing them.
So what should have Congress done when asked for the money? Tell them no!!! This letter writing and proposal submitting with only 8 days to respond is utterly insane.
Nancy & Narry – you are our leaders. We expect you to be able to say no with a period after it, not No with a comma.
So if the Big 3 failed, just put the company up for sale on E-bay and see if it gets bought by Toyota, Nissan and Hyundai.
This is a joke – More smoke and mirrors from Queen Knucklehead. Pelosi and Reid are more than ready to hand over the bucks to the UAW – Oops – GM, Ford and Crysler. Does anyone out there actually think that P and R will let the UAW members suffer? No – otherwise Democrats will have a lot of splainin' due at re-election.
These two twits can't get their own house in order and they're going to tell the auto companies how to conduct run things? Thank God they sat on their hands and didn't try fixing the high gas prices this past summer.
I put together some ideas for a plan to revitilize the 3 million jobs that will be lost when the big 3 bite the dust. While my plan may not be the end all, it might provide some ideas to move forward in a productive way. What the CEO's need to read is the very book they push down the ladder "Who moved my cheese." In the book it clearly points out that sometimes you just have to change, and change to new and strange ventures, strange because they are not familliar, but serve the need and maybe even better than the previous!
Now, I have a plan.
The big three go into Bank-O with the Gov right there over the process, ready to implement the program below:
1. A restructuring that immediately starts conversion to Natural Gas for heavy equip. City Buses, trucks, Big rigs and UPS trucks.
2. They also develop the pumping stations and conversions for existing vehicles
3. advance the design and build of High efficiency Hybrids, Hydrogen and full electric cars
4. Give tax credits to people and companies that convert to natural gas, i.e. UPS, Roadway, City Buses, Gas Stations, and all those that convert.
5. Where does the money come from? Determine the national security value of what it is worth to America in converting to Natural Gas via the percentage of change over and instead of just giving the money to the Car companies, use some of these moneys/tax credits to expedite the change in those that participate and complete the cycle.
6. Conduct the changes to the sectors that will allow for the quickest implementation, i.e. like trucking companies and truck stops, UPS, Municipalities.
Where is any reference to requirements of UAW for reduction in labor cost -PAST & CURRENT?, SCREW CURRENT CONTRACTS!!!!
Take current avrage labor cost for Foreign car companies in US along with average retirement compensation experienced by US top 100 companies. If UAW want agree to cutting their pay and retirement benifits to US average -- then let then GO TO HELL and STARVE!!!!!!!
Could not happen to a better bunch!!!!
Harry Sherlock asks:
"Why aren't Toyota and Honda included in any discussions of a bailout package???"
I drive a Honda, and I can tell you exactly why. Unlike most vehicles from the Big 3, my Honda...
1. Is 20 years old, pushing 200K on the odometer, and starts up the first time every time regardless if its 100 degrees outside or 10 below.
2. Gets 25+ miles per gallon. During the worst of the gas prices, $20 got me to work and back for a week.
3. Is cheap to repair and maintain.
4. This is the most important one: My Honda was made in the United States of America. It was built by American hands, gave jobs to American workers and put money in American wallets. Can the same be said of the domestic automakers who are shipping jobs to Mexico and Brazil simply to bolster their bottom line? I think not.
Reid and Pelosi "demand"? They'll accept a lame one-page bullit-pointed "plan" and quip, "Ok, works for us - let's give 'em the bucks"!!!!!!!!!!!!
how silly what moron doubts that the democrats and republicans are going to bail out the unions...i mean auto makers
The economy is too fragile right now to risk losing over a million jobs. The Republicans didn't do what it took to prevent this mess when they had the House, the Senate, and the Presidency. Give it here and let the dems fix it. Everything the Republicans have touched over the last 8 years has turned to crap. No offense guys, but ease up and give us a chance here.
dave November 21st, 2008 5:30 pm ET
Anyone who complains about union labor costs without bringing up CEO pay being 50-100 times union labor pay is willfully ignorant.
______________________
Dave, it's "woefully" ignorant - just thought I'd mention it, since you seem to be so eager to judge others' ignorance but are clearly oblivious to your own.
I love this article, and look forward to what GM has to say about the offer.
The transparency part is priceless!
While I definitely agree that CEO and top executive compensation should be addressed (some of these people are making twenty or more times the salary of the President of the United States, for crying out loud, though it isn't much different from top executives at most companies which has gotten completely out of whack), I personally think that labor compensation should also be looked at.
It may be an unpopular thing to say, but my understanding is that employees of these auto companies make more than the average American worker, more than school teachers with a lot more education, more than a lot of people. The unions are expecting taxpayers, most of which make less than their members, to support them? That seems a little unreasonable. And from reading the various articles that have been online lately, the way the union contracts read, if the auto makers shrink their businesses to be competitive with others, they'll still be required to pay the salaries of people they lay off. In no other industry does THAT kind of security exist. In my opinion the auto workers should have to take their chances with unemployment along with the rest of us in this economy. Otherwise where's the incentive ANYWHERE in the hierarchy for the auto industry to become competitive with Japanese auto makers and give the American public the fuel-efficient, low-polluting cars they want to buy? The auto industry has put up all kinds of resistance to Congressional efforts to increase fuel and emissions standards, which is one of the reasons their cars aren't selling. It isn't JUST the economy, because people are still buying Japanese cars.
Everyone should be emailing their senators and reps. I emailed mine today asking for an accounting of how my tax dollars are being used (and not just for these bailouts). It is getting old to see all these corps begging for money while the average family is suffering.
I think the "big 3" executives and the labor unions need to make big concessions before getting that 25B. How about everyone taking a pay cut to save their companies. It is better to take a cut in pay and keep your jobs and benefits than to have to live off the poverty level of temporary unemployment benefits. Wake up people!!!!!
I love this article, and look forward to what GM has to say about the offer. Now they can't blame congress if they fail, only themselves. No scapegoats.
The transparency part is priceless!
Labor union is the cancer. Get rid of it and you've got half the problems solved. Every time I see that self-serving UAW's president openly campaigning for the big 3, I want to slap him right in the face!
What plans and conditions were required for the bailout of the financial intuitions???
Your 100% right RealityKing. You can bet your life the Democrats will do anything they can to bail out the UAW. Obama will do what it takes becauses he owes them BIG TIME.
But here is my question,,, if Pelosi and Reid can sit back and make DEMANDS,,,,, why can't we?
Why can we not DEMAND that our elected officials be held responsible for stupid dumb mistakes and making poor judgement calls. Regardless if your a Dem or Rep, we the people should be able to hold our elected officials responsible for making a mess of this country. But it seems the big money political machine will continue to elect who they want, when they want.
Congress has a lower approval rating than Bush does, so why can we not say, we want you people ou, or you will now start answering to US,,,, the people who put you in office.
Hey, Pelosi is making like she is doing something. Wonder how her book is doing? Wonder what she drives?
Obama, Pelosi and Reid it's time to pay back the unions for voting for them.
The unions need to give back and the CEO need to give up alot. The CEO's should give some of their money to the workers not ours.
Don't you dare give $25 Billion to the Big Three Auto Makers. I have heard some remarks from other people that they don't need it. Why give them the money when you know that they will ask for more. And they will too.
Autoworkers have , for over a year now, taken a cut in pay and pay more for health coverage. Toyota and Honda have received big tax incentives to build here in the U.S. They also do not have the retirees that G.m. Ford ,and Chrysler have. They built up those companies and deserve a pension.
If any of the big 3 companies are planning to send ANY job ANYWHERE outside the USA the answer for ANY MONEY should be ABSOLUTELY NO!!!!!!!
We tax payers just gave up $700B to banks and AIG without a plan. My main concern is the millions of people who would be without a job should the big 3 fail. Either way we the tax payer are going to pay either we bail out the big 3 but do it with stipulations and oversight or we pay unemployment benefits then possibly welfare benefits to the families who are going to be affected by the decision. As far as the CEO's flying to Washington in their privates jets i could care less about. It would be different if they just bought them them asked for a bailout. Also Bush and the Republicians have had their ways (rephrased to be printable and nice) with tax payers money for 8 years and look at us now. Use my tax money for the better of the country and my fellow citizens please!!!!!!!!!!!!!
When automakers make hugh profits they did not share with people, so why should people foot the bailout? The US made car prices are outrageous!
Correction: When auto makers make..
...should read when the US automakers made ....