Today's Top Videos: Auto Bailout, CEO Bonus & More...
Rep. Barney Frank discusses the auto bailout issue, while New York Attorney General Andrew Cuomo says a $10 million bonus for Merrill Lynch's John Thain is unjustified. Following are today's top videos:
Rep. Frank on Housing & Autos
“There will be a short-term bill to give them some money. Speaker Pelosi deserves a lot of credit for compromising—she had been very reluctant to see the money that we had voted that was specifically supposed to get them to improve their energy efficiency, diverted for this purpose…Once we get a new administration, we will replenish that money.”
—Rep. Barney Frank, D-Mass.
GM: Fighting for Survival
“It’s still under discussion and we hope that some sort of short-term loans will be available and in fact, I think we’re optimistic that short term loans will be available. I object to the phrase “bailout” because it makes it sounds like money is transferred one way and will never come back, when in fact what we’re talking about is “loans.””
—Robert Lutz, Vice Chairman of Product Development, General Motors
Cuomo Says No $10 Million for Thain
“As you know today, there has been stories that John Thain, CEO of Merrill Lynch wants a $10 million bonus this year. Cuomo’s office has just written Merrill Lynch and basically said such a bonus is “unjustified.””
—Charlie Gasparino, CNBC Business News
Be Prepared for Depression & Deflation
“I think that’s the reality—you have to see how many factories are going to be closing down for the next few weeks. I think the impact on the GDP will be quite dramatic. We have seen the numbers in the third quarter which were down a half percent, and all in all, I think that the economy in the world will come down quite a bit…”
—Bruno Verstraete, CEO, Nautilus Invest