Democratic leaders demand business plan before auto aid vote

[Truth Teller]

Source: Detroit Free Press

Congress kicked the auto industry’s request for a $25-billion loan back to Detroit today, demanding more information by Dec. 2 about how the companies would use the money to survive before considering any bill.

The move came over the objections of Michigan senators who reached a bipartisan compromise early this afternoon that they said could have won enough votes to pass the Senate.


But Democratic leaders said no bill could pass either chamber today, given what they called a lackluster explanation of the industry’s needs by chief executives this week.


“No one has come up with a plan that can pass the House and Senate and be signed by President Bush,” said Senate Majority Leader Harry Reid, D-Nev.






Read more: http://www.freep.com/article/20081120/BUSINESS01/81120068/?imw=Y

[Andy823]

1. They should have

Demanded a "plan" in the first place. I don't think showing up in their private jets helped them very much!

From what I heard they need to show what car lines they plan to eliminate, what kind of cuts will come at the top, include assurance that there will be no "huge" salaries and golden parachute packages, and explain how they will do all this and become a profitable business once again.

Of course I read another post here that said GM was going to invest $1 billion, from their bailout if they get one, in their Brazil operations. Don't think that is going to go over very well. It should be mandatory that all bailout money is used in the U.S., not other countries. We need to make sure jobs stay here, not be moved to Brazil or any other country.

[maseman]

2. Congress MUST make Demands

1. No Golden parachutes. Matter of fact each Executive at each of the Big Three need to all take a $100,000 annual salary the next two years, no stock/options, no bonus payouts.

2. All dollars must stay within the US 50 states. No Brazil, no China.

3. Green vehicles that are relatively affordable must be built starting immediately.

4. A 20 year strategic plan needs to be put into place.