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Behind The Wheel
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• Saying they need $25 Billion, but not wanting it to be the $25 Billion already earmarked for re-tooling and future vehicle's comes off as if the auto makers are looking a gift horse in mouth. Yes, I understand they want the money for re-tooling, but right now the priority is getting money NOW.
• Being unable to tell law makers exactly what their game plan is for restructuring their business' in the future gave the impression Detroit is NOT changing. I and others who cover Big 3 know that's not true. So why not tell lawyers, candidly, that costs will be stripped down by a certain percentage?
• Flying to D.C. on private jets was a pr blunder somebody should have seen coming. I have said on CNBC, and fervently believe, private jets are an essential tool for these CEOs. They shouldn't give up those jets, but flying in them to ask for $25 Billion (while warning that cash is running low) makes the group look arrogant.
• Not doing a better job of selling Congress on the need for a bailout hurts the chances they will get what they want. For two weeks leading up this hearing, the auto industry failed to effectively tell the broader public exactly how a GM bankruptcy will bring down suppliers, auto related companies, and hit the economy square in the gut.
I still believe Congress will wind up giving the Big 3 the money tapped for re-tooling/green vehicles, but with those stipulations stripped out. It will get the group through this immediate crisis and provide them with at least a bridge to operating next spring.
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