Pelosi, Reid Outline What They Expect From Auto Executives

[babylonsister]

Pelosi, Reid Outline What They Expect From Auto Executives
By Alan K. Ota, CQ Staff


Congress could take up an auto industry bailout plan within a week of receiving a “viability” blueprint that Democratic leaders have requested from Detroit, House Speaker Nancy Pelosi said Friday.

The leaders will send a letter later in the day detailing what information they expect industry executives to provide in a plan they must deliver by Dec. 2. Only after they review that plan will they decide whether to proceed with any bailout legislation.

Pelosi said that she and Senate Majority Leader Harry Reid , D-Nev., would send a letter to the chief executive officers of General Motors, Ford and Chrysler on Friday “giving them some idea of what we do mean by viability and accountability to the taxpayer.”

On Thursday, the Democrats gave the Big Three until Dec. 2 to submit a proposal in writing that shows a path to viability that will protect taxpayers and auto workers. “Doing nothing is I don’t think an option. But what we do will be determined by what they do,” she said.

Pelosi said she expected Congress would spend roughly a week evaluating the plan before possibly taking up bailout legislation in a legislative session on Dec. 9 or 10.

more...

http://www.cqpolitics.com/wmspage.cfm?docid=news-000002990066

[Raven]

1. You know, they shouldn't have to explain anything to these people!

No one I know, NO ONE, ever got a business loan without a business plan. The fact that these people came to DC in their private jets without one tells me that they figured they had this one locked up. Wake up guys...this is going to be a new world.

[floridablue]

2. I am sure Pelosi & Reid know a lot about running an auto company

[Mike 03]

5. You think banks are 'experts' in every occupation to which they originate

loans?

Of course not.

But there are some commonsensical things you ask for.

The loan officers who made loans to Francis Coppola to complete "Apocalypse Now" were neither experts on Cinema or experts on the Vietnam War. What they asked to see was a budget, a script and a timeline.

Is that unreasonable??

[croton]

7. Kudo's Floridablue!!

[babylonsister]

10. They know enough to know they're not just going to hand over millions

w/o a plan. You'd think the big 3 guys who went to the hill might have thought about having a plan in place to begin with. No such luck. That doesn't seem too bright to me.

[Mike 03]

11. Thank you! I thought I was going nuts, thinking that they ought to be

required to provide some information.

At least I know I'm not insane.

[Mike 03]

3. At least they are issuing some demands.

I agree, frankly, with the poster above that it should not even be necessary to make such basic requests.

But I'm so furious at the presentation the "Big 3" made before the Senate and Congress that I'm hardly unbiased at this point.

[LiberalFighter]

9. They were probably expecting Andy Card to grease the wheels for them.

[Cleita]

4. Sigh. They should fire the whole management and then appoint some

competent managers to take over by nationalizing those companies until they are running profitably again. No one owes the present management any say in the matter.

[croton]

6. No, No, and No

I think the Big Three ought to refrain from kissing the Pelosi/Reid butt outline. Shut everything down, close the plants, cut your losses, and retire. File bankruptcy and let the creditors and the government, such as it is, have what's left of the assets. It's better than selling your souls to those two know-nothing & do-nothing demons.

[babylonsister]

8. You obviously aren't employed by this industry. What do you suggest

millions of unemployed people do?

[HCE SuiGeneris]

12. What's your take on Clinton for SOS?

[babylonsister]

14. Don't hold your breath; he/she's eating pizza. I knew that was coming. nt

[DearAbby]

13. You just wave off the livelihoods of Million and Millions of People

like an annoying fly? :shrug:

[Raschel]

15. I wanna see what's on AIG's "outline". Not only do they NOT have a plan, they won't even tell

where the money's going!

[awoke_in_2003]

16. "a plan they must deliver by Dec. 2"

And by the amazing amount of back bone these two strong leaders have shown over the last two years, I am sure they will stick to their guns.

(is it really necessary to tag it?)

[blue_onyx]

17. Funny how Pelosi, Reid suddenly needs plans before throwing money around

I support the idea of requiring plans before getting money. I just think this should have been applied to the financial institutions too. The Dems need new leadership because Pelosi and Reid are lame.