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Jamie Dupree's Washington Insider

Posted: 6:04 p.m. Tuesday, Nov. 18, 2008

Auto Execs On The Hot Seat 

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By Jamie Dupree

For a second straight day, leaders of the Big Three Automakers are on Capitol Hill, as they basically "beg" for a financial lifeline from the federal government. 

Meanwhile, the prospects still don't seem good for action by the lame duck Congress on the automobile aid issue, as even Democratic supporters have been wringing their hands in public about the idea of sending good money down the drain in Detroit.

"You have to change," said Sen. Robert Casey of Pennsylvania.

On the other side, GOP Senators all but mocked the Big Three chieftains, basically saying that one or more of them may have to go the way of the Ford Pinto.

"Is this just life support?" asked Sen. Richard Shelby of Alabama.

Frankly, it was an odd scene to see the execs of Ford, Chrysler and General Motors pleading for help and holding hands with UAW President Ron Gettlefinger.

At one point, an insistent GOP Sen. Bob Corker of Tennessee forced the three to reveal their share of the $25 billion bridge loan - GM would get $10-$12 billion; Ford $7-$8 billion; Chrsyler $7 billion.

Corker then put the UAW chief on the spot and asked him to rank the three companies in terms of most likely to survive to least likely.

"Being in the best shape to the worst, I would rank them Ford, Chrysler and General Motors," said Gettlefinger.

"There may not be a need for three automakers," said Corker.

The three auto chiefs had last night to re-group.  We'll see if they come out with a different game plan today.

Frankly, to describe the Congress as "skeptical" about this plan doesn't capture the mood.  Many Democrats are openly dumping on the auto companies, while saying that they will back a bridge loan.

I'd like to see how many of them are driving an American car.

     
 
 

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