Below were what were said in Capitol Hill, Washington, in the U.S. by the three chief executive officers of General Motors Corps., Chrysler and Ford Motors and the American senators.
Here, the CEO of; said – “Our industry … needs a bridge to span the financial chasm that has opened up before us.” He blamed the industry’s predicament not on management failures but on the deepening .
And, CEO of , told the panel the bailout would be “the least costly alternative” when compared with damage from bankruptcy.
Under questioning from skeptical senators, both said they’d be willing to consider slashing their salaries to $1 to show a willingness to sacrifice for federal help. At the start of a more than four hour grilling before his committee,, D-Conn., told the leaders of GM, Chrysler and . that the industry was “seeking treatments for wounds that I believe to a large extent were self-inflicted.”
He cited “inefficient production” and “costly labor agreements” that put the U.S. automakers at a disadvantage to foreign companies.
Joining the Big Three CEOs, United Auto Workers union, said the emergency loans were important for the survival of the industry and union jobs. He said the UAW recognized that “in order for these companies to be competitive, we had to make tough calls” in labor concessions, president of the
“We don’t think that taxpayers should be asked to throw money at a company that can’t prove that it has a long-term path for success,” said.
Who do you think made more sense, who are the ones who were absolving themselves of all blame?
The ‘once auto lords’ were saying everything about nothing and at the end United Auto Workers Union who was there to give support to the Big Three unwittingly made the admission that the giants are uncompetitive and part of the reasons is that they had high labor costs. (Quote – “in order for these companies to be competitive, we had to make tough calls” in labor concessions)., president of the
What the senators had thrown at them were accurate assessments of the situation they have created The White House made a telling point as it doesn’t look like they have any long term path for recovery.