Automotive Industry Assistance, Auto Executives

Nov 19, 2008

House Committee Financial Services

Automobile industry executives testified about the financial state of the industry and their request for $25 billion in emergency federal aid to avoid collapse. Some automakers said they might run out of money by the end of the year and said that they were not in financial difficulty due to management mistakes, but the weak economy and the .. Read More

Automobile industry executives testified about the financial state of the industry and their request for $25 billion in emergency federal aid to avoid collapse. Some automakers said they might run out of money by the end of the year and said that they were not in financial difficulty due to management mistakes, but the weak economy and the inability of consumers to obtain credit to buy cars. Several committee members questioned the executives' dedication to reform and cost-cutting, noting that they had traveled to Washington on expensive corporate airplanes.

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