WDET News
- Big Three Back in Washington
-
Dec 4, 2008General - Link to Audio
They’re first trip to Washington two weeks ago did not go well. A skeptical Congress blasted the auto executives for flying to Washington in corporate jets and offering plans which were light on the details. This time around…the CEO’s arrived by car and were much more specific with lawmakers. The new approach seemed to sit better with the banking committee. U-A-W chief Ron Gettlefinger also testified. He says Congress has already set a precedent with its recent bailout of Wall Street.
“The UAW believes that the recent actions by the federal government to provide an enormous to Citigroup reinforces the case for providing an emergency bridge loan to the Detroit based auto companies. If the federate government can provide this type of blank check to Wall Street it should also be able to produce an emergency bridge loan to General Motors, Ford, and Chrysler.
All three companies offered restructuring plans. They include the shedding of some brands, the increased use of green technology, and limitations on executive pay. Gettlefinger says the UAW may reopen contracts and would consider a suspension of the controversial jobs bank. The CEO’s will again be on Capitol Hill Friday morning to testify in front of the House Financial Services Committee. I’m Noah Ovshinsky, WDET News.