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Pelosi Likes Idea of 'Car Czar' to Audit Bailout, & 'Car Czar' Candidate Has History of Controversy, & Volker also eyed
Pelosi Likes Idea of 'Car Czar' to Audit Bailout
( Soon there will not be anything left that is not owned and operated by the government)
WASHINGTON--House Speaker Nancy Pelosi touted the notion of a "car czar" Tuesday to supervise an auto industry bailout, saying Big Three executives haven't adapted well to changing conditions.
As United Auto Workers President Ron Gettelfinger voiced fresh confidence that an accommodation will be reached on a $15 billion bailout bill, Pelosi told interviewers it's more critical than ever that change in Detroit be forced.
"I think it's very important," Pelosi, D-Calif., told NBC's "Today" show. She maintained little would be accomplished if company executives were "left to their own devices."
Pelosi appeared on morning television after a night of intense Capitol Hill discussions aimed at narrowing differences on legislation to rush short-term loans to the struggling carmakers. The plan would require that the industry reinvent itself to survive -- and that it pay back the government if it doesn't. The package could come to a vote as early as Wednesday.
Pelosi said she thought taxpayers should consider it "a second chance" for the industry, rather than a bailout.
Cash from any such rescue plan would immediately be plowed into General Motors Corp. and Chrsyler LLC. Ford Motor Co. has said that it does not have an emergency cash-flow problem and that it would not ask for short-term assistance.
In testimony before Congress last week, General Motors and Chrysler, which have said they are weeks from collapse, made it clear they would need a total of $14 billion to $15 billion to survive through early 2009.
"We do not face a near-term liquidity issue, and we will not be seeking a short term bridge loan," the company said in a statement Monday night. "But Ford fully supports an effort to address the near-term liquidity issues of GM and Chrysler, as our industry is highly interdependent and a failure of one of our competitors could affect us."
Robert Lutz, GM's vice president of global product development, also said he could accept a federally appointed czar to supervise implementation of a restructuring plan.
"Well, whether we need it or not, I think it's reasonable that when the federal government steps in with taxpayer money, they're not going to--they're not going to lend us the money and just say, `Do the best you can with it and tell us when you need more.' Obviously, there's going to be some kind of oversight and I think that's a reasonable thing to expect," he said on CBS's "The Early Show."
The measure being discussed in Congress would put a government overseer named by President George W. Bush in charge of setting guidelines for an industrywide overhaul, with the power to revoke the loans if the automakers fail to do what's necessary to become viable. The White House was seeking tougher consequences, including allowing the overseer -- being called a car czar -- to force the companies into bankruptcy if they weren't doing enough to cut labor costs, restructure their debt and downsize to stay afloat.
Pelosi said she had no candidates for the job, but said that Paul Volcker, a former Federal Reserve chairman and now an economic adviser to President-elect Barack Obama, would be a good choice. She said he enjoys the public's confidence.
Despite optimism on both sides that Congress and the White House could reach a swift agreement on the rescue package, it was still a tough sell on Capitol Hill. With lawmakers in both parties bitter over the administration's use of the $700 billion Wall Street bailout, many of them were preparing to hold their noses and vote for yet another federal rescue to avert deeper economic disaster.
"While we take no satisfaction in loaning taxpayer money to these companies, we know it must be done," Senate Majority Leader Harry Reid, D-Nev., said. "This is no blank check or blind hope."
Gettelfinger, who appeared Tuesday on CBS, declined to say whether his union would demand a seat on GM's board of directors in exchange for contract concessions. But he did say that "if we're gonna be asked to give up more, and it appears that we are, then we should have an equity stake in the company."
The developing plan would dole out auto industry loans right away, drawing the money from an existing program meant to help the carmakers retool their factories to produce more fuel-efficient vehicles. Then the czar would write guidelines, due on the first of the year, for restructuring the companies.
The proposal would attach an array of conditions to the auto bailout money, including some of the same restrictions imposed on banks as part of the Wall Street rescue. Among them are limits on executive compensation, a prohibition on paying dividends, and requirements that the government share in future profits and taxpayers be repaid before any other shareholders.
The proposal gives the car czar say-so over any major business decisions by the automakers while they're taking advantage of federal aid. The companies would have to open their books to the government, including informing the overseer of any transaction of $25 million or more.
Also under discussion is a requirement that the carmakers taking federal aid get rid of their corporate jets -- which became a potent symbol of the industry's ineptitude when the Big Three CEOs used them for their initial trips to Washington to plead before Congress for government assistance.
Still, the White House wanted clearer consequences for the automakers if a company was not meeting its own promises for long-term viability, according to officials who would comment on the continuing negotiations only on condition of anonymity.
Under Democrat's proposal, if the Big Three didn't come up with suitable restructuring plans by the end of March, the czar would have to submit his own blueprint to Congress for a government-mandated overhaul.
Sen. Carl Levin, D-Mich., a key ally of the auto industry, said getting the roughly 15 Republicans needed to support the plan was an uphill battle.
"This is a real hill to climb even if we can get agreement between the White House and congressional leaders," he said.
'Car Czar' Candidate Has History of Controversy
Kenneth Feinberg is apparently in line to be the federal government's 'car czar,' but the attorney drew criticism for his role in distributing compensation to the families of Sept. 11 victims.
Kenneth Feinberg, the attorney who appears set to become the "car czar" for the federal government's auto bailout package, is seen as a widely acceptable candidate to span two administrations.
But the seasoned Washington, D.C., lawyer is not without his controversies.
Feinberg was the man who managed the victims' families' fund after the Sept. 11, 2001, terror attacks. And though he worked pro bono in that role, and has dedicated years helping the families, he was harshly criticized during the days of the Sept. 11 restitution for paying money to help some disaster-stricken families and not others, and for trying to place a monetary value on human life.
At the time, the distressed families of victims decried Feinberg's decisions and proposals as "salt on an open wound," "ridiculous and insulting" and a "slap in the face," according to published reports.
Democratic Senate sources told FOX News that Feinberg has been named to oversee the government plan to help General Motors, Ford Motor Co. and Chrysler spend a multi-billion bailout. The White House received Congress' plan for those emergency loans on Monday and is reviewing whether the deal could get done as early as next week.
Feinberg would write guidelines -- due on the first of the year -- for a restructuring of the Big Three, and would be responsible for recalling the cash if he thinks the companies are not spending the money wisely by Feb. 15.
While Feinberg is proud of his work with the Sept. 11 fund, and even wrote a book on his experiences, Feinberg says his advice to the government would be not to repeat that kind of compensation program.
"The 9/11 fund, I believe, was the right thing to do because it was a patriotic act by the American people to come to the rescue of these people in need," he told Washingtonian magazine in March.
"If Congress had asked me, 'Well, what do you think of this program?' I would say don't do it again. Here in Washington, if a car bomb goes off, do not set up a victim-compensation program. Or if you're going to do it again, next time make it much simpler. Have a person with the authority simply dole out the same amount to families of all of the dead. Don't ask one person to act like Solomon and try to calculate the value of lives. To be judge, jury, accountant, lawyer, rabbi, etcetera is very, very difficult," he told the magazine.
Feinberg later did work, pro bono, on behalf of Virginia Tech with last year's shooting victims' families. But he said he did so because he felt like it contributed to the healing process. Plus, every one of the 32 families of the dead was compensated equally, unlike after Sept. 11, which he admitted based on the formula for valuing a lifetime of career earnings showed that high-priced World Trade Center stockbrokers were worth more than career military men and women.
However, Feinberg is seen in Washington as an ideal candidate to bridge the two administrations. If he is placed at the helm of the auto industry restructuring, that would essentially mean President Bush's approved pick would be working underneath President Barack Obama as of Jan. 20.
"This is the most awkward time to be talking about this, because we are about 35 to 40 days in transition -- so it clearly has to be someone the Bush administration is comfortable with, but also someone the Barack Obama administration can (work with) as well," said U.S. Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee dealing with the legislation.
Feinberg has worked on everything from asbestos to Agent Orange to Holocaust litigation, and served as Sen. Ted Kennedy's chief of staff -- and alongside Attorney General Michael Mukasey and former New York Mayor Rudy Giuliani when they were in the district attorney's office.
One senior aide in Senate Democratic leadership told FOX News that Feinberg is "a man of impeccable credentials whose leadership with the Sept. 11 fund will never be forgotten.
"His skills as a mediator would serve this exceedingly complex process well," the aide added.
FOX News' Trish Turner and Carl Cameron contributed to this report.
Volker also eyed
In the interview taped on Monday, Pelosi said the "car czar," who will chair a board charged with making sure the automakers retool, should be proactive rather than simply overseeing the bailout plan.
"I would want the czar to be appointed before one dollar was spent ... so theoretically this week," she said.
"I think somebody like Paul Volcker, who has bipartisan confidence and the public and private confidence," the Democratic leader said, when asked who she had in mind for the post.
Any appointment would be dependent on the bailout bill being passed by Congress this week.
Pelosi also said she expected the House to vote in the first week of January on a stimulus package to jolt the economy out of recession. Obama takes office on January 20.
(Reporting by Ross Colvin, Editing by John Crawley and Jackie Frank)
( Soon there will not be anything left that is not owned and operated by the government)
WASHINGTON--House Speaker Nancy Pelosi touted the notion of a "car czar" Tuesday to supervise an auto industry bailout, saying Big Three executives haven't adapted well to changing conditions.
As United Auto Workers President Ron Gettelfinger voiced fresh confidence that an accommodation will be reached on a $15 billion bailout bill, Pelosi told interviewers it's more critical than ever that change in Detroit be forced.
"I think it's very important," Pelosi, D-Calif., told NBC's "Today" show. She maintained little would be accomplished if company executives were "left to their own devices."
Pelosi appeared on morning television after a night of intense Capitol Hill discussions aimed at narrowing differences on legislation to rush short-term loans to the struggling carmakers. The plan would require that the industry reinvent itself to survive -- and that it pay back the government if it doesn't. The package could come to a vote as early as Wednesday.
Pelosi said she thought taxpayers should consider it "a second chance" for the industry, rather than a bailout.
Cash from any such rescue plan would immediately be plowed into General Motors Corp. and Chrsyler LLC. Ford Motor Co. has said that it does not have an emergency cash-flow problem and that it would not ask for short-term assistance.
In testimony before Congress last week, General Motors and Chrysler, which have said they are weeks from collapse, made it clear they would need a total of $14 billion to $15 billion to survive through early 2009.
"We do not face a near-term liquidity issue, and we will not be seeking a short term bridge loan," the company said in a statement Monday night. "But Ford fully supports an effort to address the near-term liquidity issues of GM and Chrysler, as our industry is highly interdependent and a failure of one of our competitors could affect us."
Robert Lutz, GM's vice president of global product development, also said he could accept a federally appointed czar to supervise implementation of a restructuring plan.
"Well, whether we need it or not, I think it's reasonable that when the federal government steps in with taxpayer money, they're not going to--they're not going to lend us the money and just say, `Do the best you can with it and tell us when you need more.' Obviously, there's going to be some kind of oversight and I think that's a reasonable thing to expect," he said on CBS's "The Early Show."
The measure being discussed in Congress would put a government overseer named by President George W. Bush in charge of setting guidelines for an industrywide overhaul, with the power to revoke the loans if the automakers fail to do what's necessary to become viable. The White House was seeking tougher consequences, including allowing the overseer -- being called a car czar -- to force the companies into bankruptcy if they weren't doing enough to cut labor costs, restructure their debt and downsize to stay afloat.
Pelosi said she had no candidates for the job, but said that Paul Volcker, a former Federal Reserve chairman and now an economic adviser to President-elect Barack Obama, would be a good choice. She said he enjoys the public's confidence.
Despite optimism on both sides that Congress and the White House could reach a swift agreement on the rescue package, it was still a tough sell on Capitol Hill. With lawmakers in both parties bitter over the administration's use of the $700 billion Wall Street bailout, many of them were preparing to hold their noses and vote for yet another federal rescue to avert deeper economic disaster.
"While we take no satisfaction in loaning taxpayer money to these companies, we know it must be done," Senate Majority Leader Harry Reid, D-Nev., said. "This is no blank check or blind hope."
Gettelfinger, who appeared Tuesday on CBS, declined to say whether his union would demand a seat on GM's board of directors in exchange for contract concessions. But he did say that "if we're gonna be asked to give up more, and it appears that we are, then we should have an equity stake in the company."
The developing plan would dole out auto industry loans right away, drawing the money from an existing program meant to help the carmakers retool their factories to produce more fuel-efficient vehicles. Then the czar would write guidelines, due on the first of the year, for restructuring the companies.
The proposal would attach an array of conditions to the auto bailout money, including some of the same restrictions imposed on banks as part of the Wall Street rescue. Among them are limits on executive compensation, a prohibition on paying dividends, and requirements that the government share in future profits and taxpayers be repaid before any other shareholders.
The proposal gives the car czar say-so over any major business decisions by the automakers while they're taking advantage of federal aid. The companies would have to open their books to the government, including informing the overseer of any transaction of $25 million or more.
Also under discussion is a requirement that the carmakers taking federal aid get rid of their corporate jets -- which became a potent symbol of the industry's ineptitude when the Big Three CEOs used them for their initial trips to Washington to plead before Congress for government assistance.
Still, the White House wanted clearer consequences for the automakers if a company was not meeting its own promises for long-term viability, according to officials who would comment on the continuing negotiations only on condition of anonymity.
Under Democrat's proposal, if the Big Three didn't come up with suitable restructuring plans by the end of March, the czar would have to submit his own blueprint to Congress for a government-mandated overhaul.
Sen. Carl Levin, D-Mich., a key ally of the auto industry, said getting the roughly 15 Republicans needed to support the plan was an uphill battle.
"This is a real hill to climb even if we can get agreement between the White House and congressional leaders," he said.
'Car Czar' Candidate Has History of Controversy
Kenneth Feinberg is apparently in line to be the federal government's 'car czar,' but the attorney drew criticism for his role in distributing compensation to the families of Sept. 11 victims.
Kenneth Feinberg, the attorney who appears set to become the "car czar" for the federal government's auto bailout package, is seen as a widely acceptable candidate to span two administrations.
But the seasoned Washington, D.C., lawyer is not without his controversies.
Feinberg was the man who managed the victims' families' fund after the Sept. 11, 2001, terror attacks. And though he worked pro bono in that role, and has dedicated years helping the families, he was harshly criticized during the days of the Sept. 11 restitution for paying money to help some disaster-stricken families and not others, and for trying to place a monetary value on human life.
At the time, the distressed families of victims decried Feinberg's decisions and proposals as "salt on an open wound," "ridiculous and insulting" and a "slap in the face," according to published reports.
Democratic Senate sources told FOX News that Feinberg has been named to oversee the government plan to help General Motors, Ford Motor Co. and Chrysler spend a multi-billion bailout. The White House received Congress' plan for those emergency loans on Monday and is reviewing whether the deal could get done as early as next week.
Feinberg would write guidelines -- due on the first of the year -- for a restructuring of the Big Three, and would be responsible for recalling the cash if he thinks the companies are not spending the money wisely by Feb. 15.
While Feinberg is proud of his work with the Sept. 11 fund, and even wrote a book on his experiences, Feinberg says his advice to the government would be not to repeat that kind of compensation program.
"The 9/11 fund, I believe, was the right thing to do because it was a patriotic act by the American people to come to the rescue of these people in need," he told Washingtonian magazine in March.
"If Congress had asked me, 'Well, what do you think of this program?' I would say don't do it again. Here in Washington, if a car bomb goes off, do not set up a victim-compensation program. Or if you're going to do it again, next time make it much simpler. Have a person with the authority simply dole out the same amount to families of all of the dead. Don't ask one person to act like Solomon and try to calculate the value of lives. To be judge, jury, accountant, lawyer, rabbi, etcetera is very, very difficult," he told the magazine.
Feinberg later did work, pro bono, on behalf of Virginia Tech with last year's shooting victims' families. But he said he did so because he felt like it contributed to the healing process. Plus, every one of the 32 families of the dead was compensated equally, unlike after Sept. 11, which he admitted based on the formula for valuing a lifetime of career earnings showed that high-priced World Trade Center stockbrokers were worth more than career military men and women.
However, Feinberg is seen in Washington as an ideal candidate to bridge the two administrations. If he is placed at the helm of the auto industry restructuring, that would essentially mean President Bush's approved pick would be working underneath President Barack Obama as of Jan. 20.
"This is the most awkward time to be talking about this, because we are about 35 to 40 days in transition -- so it clearly has to be someone the Bush administration is comfortable with, but also someone the Barack Obama administration can (work with) as well," said U.S. Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee dealing with the legislation.
Feinberg has worked on everything from asbestos to Agent Orange to Holocaust litigation, and served as Sen. Ted Kennedy's chief of staff -- and alongside Attorney General Michael Mukasey and former New York Mayor Rudy Giuliani when they were in the district attorney's office.
One senior aide in Senate Democratic leadership told FOX News that Feinberg is "a man of impeccable credentials whose leadership with the Sept. 11 fund will never be forgotten.
"His skills as a mediator would serve this exceedingly complex process well," the aide added.
FOX News' Trish Turner and Carl Cameron contributed to this report.
Volker also eyed
In the interview taped on Monday, Pelosi said the "car czar," who will chair a board charged with making sure the automakers retool, should be proactive rather than simply overseeing the bailout plan.
"I would want the czar to be appointed before one dollar was spent ... so theoretically this week," she said.
"I think somebody like Paul Volcker, who has bipartisan confidence and the public and private confidence," the Democratic leader said, when asked who she had in mind for the post.
Any appointment would be dependent on the bailout bill being passed by Congress this week.
Pelosi also said she expected the House to vote in the first week of January on a stimulus package to jolt the economy out of recession. Obama takes office on January 20.
(Reporting by Ross Colvin, Editing by John Crawley and Jackie Frank)
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