Word: chairman
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...month, though, when Congress presented a nearly united, hostile front against the Big Three, the fight Thursday was not so much over whether Washington should let them fail; almost all the witnesses and lawmakers agreed that would be like "playing Russian roulette with the economy," as Senate Banking Committee Chairman Chris Dodd put it. But that didn't mean there was anything like a consensus on how to handle the urgent request for a total of $34 billion in bridge loans - $7 billion for Chrysler, $9 billion for Ford and $18 billion for GM. Democrats and Republicans clearly still have...
...left there are busting their guts to make this thing work," Chrysler CEO Robert Nardelli argued back. At another point in the hearing, Nardelli told Dodd that the weakest of the Big Three can survive alone and that $7 billion is all it will need "to avoid, Mr. Chairman, having to come back and again ask you for support." Utah's Bennett broached the idea of Congress writing into any package a proviso forcing GM and Chrysler to merge. UAW chief Gettelfinger questioned the benefits of such a move, saying, "In terms of synergies, it's debatable about how effective...
...Chairman, I don't want to make light of this," Shelby tersely replied, citing a CNN poll released Thursday that showed 60% of Americans are opposed to bailing out the automakers...
...said GM's number crunchers estimated new vehicle sales, on per capita basis, had dropped to the lowest level since the recession of 1958. "2008 will go down as unlike any other year in the industry, and thus, comparisons to 2007 sales have become irrelevant," said Jim Press, Chrysler chairman...
...Automakers also took steps to avoid the kind of public relations disaster that dogged their first aid-seeking trip to Washington D.C. last month Ford chief executive Alan Mulally and Chrysler Chairman Robert Nardelli said they would drive to Washington D.C. Mulally, in a carefully worded statement, also said he would reduce his $21 million salary to $1 if the company tapped the federal line of credit...