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Congress wants business plan from automakers

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Congress Wants Business Plan From Automakers Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable. "Until they show us the plan, we cannot show them the money," Speaker Nancy Pelosi said at a hastily called news conference in the Capitol.

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stephley stephley 8 years
GM announced today that it's getting rid of two jets.
Imabeliever Imabeliever 8 years
WOW.. is it just me or should the bail out contain strict mandates..conditions for the money.. something like all corporate jets are sold, company vehicles sold, bonuses and perks suspended (including chef's for CEO's and top management, all golden parachutes are now null and void in contracts, all top management go 1 year without pay until company has meet requirements, all corporate "vacation" style meetings are canceled and video conferencing from offices mandatory, all factories outside of the US will be taxed higher and penalties enforced unless equal amount of job created and maintained in the united states, immediate retooling of factories to create less SUV's and more fuel efficient or hybrid vehicles in the US required. If we are going to dole out bucks.. I don't want to see it go to the masseuse of the CEO, or the SUV factory in Russia or Mexico. I want to see it help the Americans that work at these factories and showrooms to keep their jobs. Especailly if it is coming out of my pocket, my children's' pockets and my one day grand children's pocket.
outofhere outofhere 8 years
Insanity! The whole thing of having the CEO's show up on three seperate private jets at a cost of 38 million per jet and 20 thousand per flight is absurd. They just don't get it. There is so much mismanagement and greed in companies like the big 3 and now their incompetence is becoming public knowledge. Once again it's the little guy who gets hurt the most. Any one of those CEO's could retire and there wouldn't even be a blip in their lifestyle. They just don't get it. If they get any money, it better be laced with a TON of restrictions and oversight.
Great-Sommelier Great-Sommelier 8 years
You can't get a loan for a hot dog cart without a business plan. :oy: Politicians make me sick. Here, here's your money!
starangel82 starangel82 8 years
I'm glad that Congress seems to be recognizing that there need to be plans and stipulations for these companies and banks that want bailout money. Now, if they'll make them stick to it is another story entirely.
amybdk amybdk 8 years
Yes it is good that a plan needs to be in place. Disgusting that these idiots have not the sense to realize that in the first place (as UnDave said). And utterly despicable in the use of private jets and huge salaries whilst begging for money. Where is the logic? I'm infuriated!
Jillness Jillness 8 years
"So here comes another another bailout" From what I hear, they do not want "another" bailout...this would be allocating part of the already existing bailout to the auto industry. "There are ways that the government can write oversight into the loan to ensure that the companies do abide by it." I agree...oversight is possible, and vital.
piper23 piper23 8 years
As long as Dodd or Frank isn't involved in the oversight, it may just work.
kranky kranky 8 years
I'm just happy that it APPEARS that our Congress people have some sense. I just hope that we can get some serious oversight, as steph said. (I also like to draw attention to the fact that a genu-wine GM worker posted on the earlier thread. Very interesting perspective.)
stephley stephley 8 years
There are ways that the government can write oversight into the loan to ensure that the companies do abide by it. You just need leadership willing to admit that people need to be watched, or regulated, when they have a boatload of money at hand.
piper23 piper23 8 years
A business plan is just a plan. Doesn't mean they have to abide by it. Unless they say, "here are the terms that have to be met or you don't get the taxpayers money (ie. bailout)", which they won't, then this is really just congress trying to cover their butts. So here comes another bailout, where I'm sure - like what happened with the big 700 million dollar bailout - the rules will change AFTER the big 3 gets their big bailout.
Jude-C Jude-C 8 years
Yes, if they're going to bail out the auto industry, they should absolutely demand a detailed business plan, and should also demand that the companies stick to it. One thing the business plan might include is a promise to stop coming to Washington to beg for private jets that cost $25,000 a flight or whatever it was. That might trim the budget just a wee bit.
UnDave35 UnDave35 8 years
The fact that they didn't bring one is a pretty good reason not to give them any money. If they aren't smart enough to create a plan to get themselves out of this mess, then we need to mandate that any money provided must come with a change in leadership.
kranky kranky 8 years
YAY! :woohoo:
silversnowflake silversnowflake 8 years
Good! A business plan should have been mandatory to start off with. Not that showing up with an economic plan is going to guarantee that they will stick with it...
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