Buffett: Any Auto Bailout should be negotiated by the president, not Congress

[Thrill]

OMAHA, Neb. – Billionaire investor Warren Buffett says U.S. automakers need a new business model to better compete, whether it takes bankruptcy or a government bailout to achieve.

Buffett also says he would never serve as U.S. Treasury Secretary. The Berkshire Hathaway Inc. CEO is a member of President-elect Obama's Transition Economic Advisory Board.

Buffett says any automaker bailout package should include a business solution, and be negotiated by the president, not Congress. Buffett spoke to Fox Business News in an interview scheduled to air Friday afternoon.

Buffett says the government should insist top executives at Ford Motor Co., General Motors Corp. and Chrysler LLC invest a significant percentage of their own net worths in the Detroit-based companies, ensuring both executives and taxpayers would share in any profits or losses.

http://news.yahoo.com/s/ap/buffett_economy

[louis-t]

1. Like his idea about CEOs investing

their net worth. Not sure about his idea to have president negotiate bailout. I wouldn't trust bush to do it. Fox Business News is still around?

[KansDem]

3. "Not sure about his idea to have president negotiate bailout"

The bailout would be a heck of a lot easier, just as long as I'm the Bailouter--smirk, smirk

[Perky]

2. That is a very important voice on the issue.

[bluecollarcharlie]

4. I can go along with a lot of that......

.........but not until Jan.21st.

[Sebastian Doyle]

5. Um, Warren..... you did mean the NEXT President, right?

Because I KNOW you're too goddamn smart to suggest Chimpy should negotiate it :wow: