Wednesday, Jul. 20, 2011

GM, Ford and Chrysler

Scandal: The automotive bailout

Best quote from the testimony: "I need some assurances you're not just going to blow this again, that you really did get the message. My fear is that you're going to take the money and continue the same stupid decisions you've made for 25 years. I don't know if it was you or your predecessors. I don't care." — Democratic Representative Michael Capuano of Massachusetts

The heads of America's Big Three automakers — Rick Wagoner, Alan Mulally and Robert Nardelli of GM, Ford and Chrysler, respectively — pleaded before Congress on Nov. 19, 2008, for emergency funds to save their failing companies. But the lawmakers were not willing to simply whip out the checkbook and insisted on a directed plan of action before they would approve the spending. In addition to having their business models and previous antihybrid mentalities maligned by Congress, the CEOs also suffered the public's ire for taking luxury private jets to the hearing.