GM, Ford, and Chrysler must still submit their official recovery strategies to Congress Tuesday morning, but the Senate Banking Committee won’t convene to discuss the plans with Detroit Three executives until Thursday. The 24-hour delay was announced late Monday.
A bipartisan group of top U.S. Senators announced November 20th they were open to providing financial aid to U.S. automakers on the condition they submit an acceptable plan for recovery.
It’s not known why the meeting was rescheduled, but to the American public it simply means there will be a delay in any possible news coming out of it. There is no indication the planned December 8th vote has been moved.
The Senate session is scheduled for 10:00 a.m. on Thursday, December 4th. The House Financial Services Committee will follow up with an additional hearing at 9:30 a.m. on Friday, December 5th.
12/02, 5:11 AM
posted by:
desertdriver
Hmmm…. the Dow closed 679.95 points lower on Monday… Jee, I wonder why they postponed the hearing???
12/02, 7:43 AM
posted by:
AnonymousCoward
They need another 24 h to drive down the stocks even more before they do personal investment in the companies they will save…
12/02, 4:31 PM
posted by:
Gregsy
This isn’t a bailout, it’s a low-interest LOAN. Hell, the $700 billion BAILOUT came under less scrutiny than this did. Just let the companies use the $25 billion already promised to them to produce low emission vehicles for general funds.