Comments for The Next Bailout: Detroit »
Posted By pagey 1 year, 3 months ago in Business & FinanceWith just two weeks in the current session of Congress left to land potentially life-saving federal loans, Detroit 's car companies and Michigan 's congressional delegation were in a state of chaos. Michigan lawmakers trying to sell the deal to a skeptical Congress were frustrated by what they saw as a lack of effort from the automakers, several congressional sources tell NEWSWEEK. Auto execs were annoyed that they were being lumped with the Wall Street bailout crowd, which didn't help Detroit's plea for $25 billion in low-cost federal loans to see it through its cash crisis. The acrimony came to a head in a tense conference call Sept. 11 involving 25 power brokers in Washington, D.C., and Detroit, including some of the Big Three CEOs, according to Congressional sources. As congressmen and their staffers debated the minutia of how to craft the legislation for the loans, the CEOs on the other end of the line kept asking everyone to speak up. "We were very much in the weeds, which is not a good idea with a conference call of 25 people," says Rep. Dave Camp, a Republican from Midland, Mich. "It's been difficult to get consensus [with the carmakers]. It's been very frustrating."
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Harbeas1 year, 3 months ago
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We cannot afford to lose our manufacturing capabilities. The American automobile industry has to have assistance to survive. However, I would attach some strings. Since the auto workers have had to take 50% pay cut so should the auto executives!
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