They, of course, have condescended to speak for us, the taxpayers.
O! how fortunate are we groundlings are to have the likes of Pelosi and Frank as our champions!
Posted on 02/14/2009 5:14:24 AM PST by Libloather
Pelosi, Frank to Automakers: Restructuring Plan Must Demonstrate Viability and Protect Taxpayer Investments
WASHINGTON, Feb. 13, 2009 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi and Financial Services Chairman Barney Frank sent the following letters today to Robert L. Nardelli, Chairman and CEO of Chrysler, and Rick Wagoner Jr., Chairman and CEO of General Motors, regarding their company restructuring plans, which are due next week.
In the letter, Pelosi and Frank write: "We trust that your restructuring plan will demonstrate to the world that you are willing to make the tough decisions that modernize your operations, restructure your debt, enhance your competitive status in the global marketplace, and protect American jobs for the future."
Below is the full text of the letter:
February 13, 2009
Mr. Robert L. Nardelli
Chairman and CEO
Chrysler LLC
1000 Chrysler Drive
Auburn Hills, MI 58326
Mr. G. R. Wagoner, Jr.
Chairman and CEO
General Motors Corporation
300 Renaissance Center
MC 482-C39-B50
Detroit, MI 48265-3000
Dear Mr. Nardelli and Mr. Wagoner:
As the February 17 deadline approaches for the automobile companies to submit restructuring plans to the federal government, we are writing to stress the importance of your submitting a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century, while protecting taxpayer investments.
In October of last year, Congress approved the Bush Administration's request to provide $700 billion in taxpayer assistance to stabilize the financial system, following warnings by the Administration that inaction would lead to a financial catastrophe. The Bush Administration's lack of transparency in implementing this initiative, and its failure to address the foreclosure crisis head-on (the root cause of the financial crisis), resulted in significant public skepticism about large-scale government interventions to rescue private corporations.
Amidst this public skepticism, the House of Representatives in December passed legislation that authorized taxpayer assistance to the auto industry. This legislation, which the Senate failed to pass, served as the basis for the Bush Administration's December initiative to provide loans to the automobile industry from the TARP.
Mindful that 1 in 10 American jobs is related to auto manufacturing, our national security depends on the industry's technologies and manufacturing capacity, and our competitiveness in the global economy depends on its pursuit of excellence.
Though we recognize that our economy faces significant challenges, Congress and the American people believe that your restructuring plan must include the following:
A documented assessment of your company's ability to ensure long-term viability as you retool for the future, including a target market size;
A commitment that the sacrifices necessary to turn the industry around will be shared equitably by all stakeholders;
A commitment to protecting and sustaining the health and pension benefits that have defined "quality" American jobs and allowed millions to enter the middle class;
A demonstrated commitment to restructure your company's debt in a manner that protects the interests of the taxpayers;
An additional assurance that taxpayers benefit as corporate conditions improve and shareholder value increases; and,
A demonstration of your ability to achieve or exceed the fuel efficiency requirements set forth in the Energy Independence and Security Act of 2007, and the emissions standards adopted by California and other states, if they receive Federal approval, and become a long-term global leader in the production of fuel-efficient and advanced technology vehicles.
We trust that your restructuring plan will demonstrate to the world that you are willing to make the tough decisions that modernize your operations, restructure your debt, enhance your competitive status in the global marketplace, and protect American jobs for the future. Thank you for your consideration of this matter.
best regards,
NANCY PELOSI
Speaker of the House Chairman
BARNEY FRANK
Financial Services Committee
Yet, that didn't seem to matter with the porkulus bill.
“Pelosi, Frank to Automakers: Restructuring Plan Must Demonstrate Viability and Protect Taxpayer Investments”
Lol... Neither one of them has a CLUE as to what that means.
“We trust that your restructuring plan will demonstrate to the world that you are willing to make the tough decisions that modernize your operations, restructure your debt, enhance your competitive status in the global marketplace, and protect American jobs for the future.”
If we could just replace the Democrats, we might have a Congress that does that.
"Sacrifices" to include busting union contracts, limiting union executive's pay, and halting labor campaign contributions.
Won't happen, won't happen, and won't happen.
Say hello to your new OVERLOARDS.
By the way, if everybody in America becomes “Middle Class”, where will the “Middle Class” go?
Pardon my French by what the *%&&$ do these two fartknockers know about running an auto company?
You gave them a loan, don't hamstring them enough so they fail, or is that your real intention.
The Ford Family owning 40%+ in Class B shares at this point was a beautiful thing. Rumors on the web are They wanted no part of this maddness, and Mulally just may be the guy to keep it from happening.
Well, Mr. Nardelli and Mr. Wagoner, you sold your souls to the devil and it looks like he’s ready to collect them.
Which leaves me to ponder, should I buy products from companies that sold out to the government and will be de facto run by Frank, Dodd, Pelosi, et al; the very people that brought on this financial mess?
Arrrrgggh! I keep waiting for some media outlet to do an expose of the richness of the "health and pension benefits" awarded to UAW members and retirees.
Their health care plan includes: health, prescription, hearing, dental, vision, etc. It is theirs for life. For LIFE! No Medicare for them. In 2007, GM had to force their non-union employees to give up company health care at age 65 and go on Medicare, but they made up for it by promising those affected by the decision an extra $300 a month in their pension payment. The UAW outright refused to consider the same program for their retirees.
All of these benefits are wonderful as long as the company can continue to cover the cost out of their own revenues. Good for those retirees. But when I am asked to start paying the bill, so the retirees can keep their benefits, that is too much.
Where is the outrage from Pelosi and Frank over the greed of these retirees?! Living the good life in Florida with our bailout money! Gasp! The nerve of them!
These are people who have never done a darn thing in their lives except be politicians. Pelosi was a well-off matron in SF when she began her local politician career (common among matrons of her ilk), and Barney seems to have had no connection with the business world, unless you count his boyfriend’s foray into running a house of prostitution in his basement in DC.
They, of course, have condescended to speak for us, the taxpayers. O! how fortunate are we groundlings are to have the likes of Pelosi and Frank as our champions!
Didn’t his disgusting boyfriend work at Fannie Mae?
“Say hello to your new OVERLOARDS.”
Did you mean Overlards? After the “stimulus” bill, that seems appropriate. But wait, there’s more coming!
Look at the union executives also, not just the workers.
Yes, I believe he did.
A good question. Another FReeper asked should we buy vehicles to save companies with unions that work actively to destroy the very nation we love.(paraphrasing) Both of these are good questions.
we are writing to stress the importance of your submitting a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century, while protecting taxpayer investments.
You just passed an $800 BILLION with a B bill with no such guarantees on government performance.
How DARE you.
AND....I think his job had something to do with mortgages/housing.
The stink keeps rising....
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