A key lawmaker who backs the emergency loans for the Detroit big 3 said today that the resignation of Rick Wagoner as General Motors CEO may be a condition for Congress to provide the company with financal aid."I think he has to move on," Senate Banking Committee Chairman Christopher Dodd said. The Connecticut Democrat appeared on the CBS program "Face the Nation."
This type of request was discusted previously, that call was for all 3 CEO's to steep down, however since the hearing's began on tuesday the request hadent come up. Untill now! Also this morning Sen. Dodd added that the Senate and The White House are close to an agreement that would provide 15 billion to GM and Chrysler LLC to prvent them from collapseing whithin weeks. This would suposidly tide the two companys over untill march when the commitee will reconvine and discuss aditonal steps. Ford is also seeking money, but is'nt in need of any mony yet.
However Dodd did also note that it would still have to be passed buy the senate, as of now he said "I'm not sure we have the vote's". The senate will require 60 of 100 vote infavor to pass the aid.
Wagoner, who has led GM since 2000 and hasn't posted an annual profit since 2004, repeatedly has said GM has the management team it needs and he does not intend to step aside. A breakthrough came late Friday when House Speaker Nancy Pelosi, D-Calif., dropped her resistance to temporarily reprogramming part of $25 billion previously approved for factory retooling to produce more fuel-efficient vehicles. Until then, Democratic leaders had insisted that emergency loans come from $700 billion set aside for financial institutions. The Bush administration refused.
No comments:
Post a Comment