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The Big Three CEOs returned to Washington to meet with the Senate Banking Committee today, as AT&T and other companies reported job cuts. Following are today's top videos:
Bernanke on Housing
“The U.S. financial system has been in turmoil during the past 16 months. Credit conditions have tightened and asset values have declined, contributing substantially, in turn, to the weakening of economic activity.”
—Ben Bernanke, Chairman, Federal Reserve
AT&T Announces Job Cuts
“AT&T [T
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] job cuts, Viacom [VIA
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] job cuts, DuPont [DD
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]…[AT&T’s] job cuts of 12,000—roughly 4 percent of the company’s work force…the company has plans to reduce its 2009 capital expenditures from its 2008 levels.”
—David Faber, CNBC Business News
Auto Hearing: Alan Mulally Statement
“Since the last hearing, I have thought a great deal about the concerns that you expressed. On Tuesday, you received Ford’s [F
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] detailed and comprehensive business plan and I appreciate the opportunity to return here today to share Ford’s vision and progress in becoming a profitable, growing company.”
—Alan Mulally, President & CEO, Ford Motor
Auto Hearing: Richard Wagoner Statement
“As we put our plan together—it is ironically GM’s [GM
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] centennial year this year—we thought about our past and what that should mean for our future. We have a lot of things that we’re proud of, and there are also mistakes during our history. What we tried to do in our plan, which was submitted earlier on this week, was to learn from both of those…”
—Richard Wagoner, President & CEO, General Motors
Stop Trading, Listen to Cramer!
“There are some [retail stocks] that did better than others. The discounters—Wal-Mart [WMT
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] being amazing—but then there’s others which I regard as simply not going out of business and that’s the action I see in Sears [SHLD
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]…”
—Jim Cramer, CNBC’s "Mad Money"
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