Update 1: Well it isn’t going well for Toyota from my view. Lenz indicated there was a report of trouble in the UK and it seems they did not notify NHTSA….
CNBC has LiveStream Coverage of the testimony and questioning of Toyota’s Lentz here
If they knew it was an issue in 2006 and covered it up shame on them. If Congress uses this to destroy Toyota and steal marketshare for GM shame on them.
If NHTSA helped them cover it up, then DC is working as it always has. And it is shameful. Looks like the same old pay to play shxt to me. Lobbyists, corporations, politicians in each others pockets, like FINRA and SEC ‘regulating’ their former and future employers, completely ineffective.
But I have also been doing recent reading on those GM trucks that had engine fires and NHTSA didnt do jack shxt there either did they? Yet no big show trial Congressional Panel, cause ya know they love them some GM. Waxman is playing clips of Phil LeBeau interviewing Lenz for CNBC…
Now that the government owns upwards of 70% of GM this has the appearance of impropriety and it is hard to deny these Critters now feel a much more personal stake in tearing down Toyota and thus in their minds building GM market share.
Me, I suggest peeps buy a FORD.
CNBC provides background here:
The president of Toyota’s U.S. operations insisted Tuesday that electronic problems did not contribute to sudden acceleration of its cars, drawing sharp criticism from lawmakers who said such a possibility should not be ruled out and from a tearful woman driver who could not stop her runaway Lexus….
Update: Video added of Thad McCotter R-MI who I think is great, on Cavuto tonight
4:55 pm EST: Well. If you’re an investor and that conference didnt scare you nothing will. Whitacre had what looked like a legal pad and papers, he spoke for 90 seconds, said he will take the role while they seek a new CEO, he took no questions and left.
LeBeau is noting that CNBC had an interview scheduled with Fritz tomorrow from the LA Auto Show. Also that Whitacre has mentioned several times, ‘I am not a car guy’, since being brought on as Chair. Yep. And now he is President CEO and Chair, oh goody! Talk about bizarre timing, we knew Fritz wanted to sell Opel and the Board did not, but WTH happened to make them fire Fritz tonight?
Ain’t being run by the union and the government grand?
4:15 pm EST: Breaking on CNBC now, Presser on “Significant Decisions” by the Board in 10 mins..
Update: Phil LeBeau at CNBC has scoopage:
…It is unclear whether he is stepping down on his own, or whether he was asked to resign. It’s also unclear who will take his role as CEO, but GM Chairman Ed Whitacre will serve as interim CEO, according to the Associated Press.GM said it will hold a news conference at 4:30 pm on “significant decisions” by the board. CNBC.com will carry it live. General Motors had no comment.
Ed Whitacre the man who used to run ATT that they dragged out of retirement to be Chairman. Oy!
Henderson took over for former CEO Rick Wagoner when the White House removed him from the position in March….
Think about how scary that is, “when the WH removed him form the position”. Under what possible authority did they do that? And the sooper genius economists and academics were fine with it, so now no capital will invest in American jobs. Maria Baritromo just interviewed Larry Fink and he said he expects 2% GDP in 2010, a million jobs lost in state govt and populism and unemployment anger at the mid term elections. Man oh man.
Sen. Mike Johanns (R-NE) on FoxBiz on his legislation in re Congressional Oversight of TARP takeovers of private firms…
Senator Mike Johanns (R-NE) is interview on Fox Business on June 4, 2009, on his proposed legislation to assert Congressional oversight over the nationalizatoin of companies using TARP funds.
Update 2: Chrysler sale on hold for appeals court ruling: Video Update: GM, Chrysler Execs and more importantly Dealers themselves on the same panel, on the Hill now..
…The sale hearing was supposed to happen tomorrow, but it’s now on hold while the Second Circuit Court of Appeals takes a stab at the stay motion. The oral argument at the appeals court will now be on Friday. What happens next will largely depend on how the court rules. Earlier, the bankruptcy judge stated that his breakneak pace is because Chrysler is losing $100 million a day while it waits on the sale….
Video Update courtesy of the lady herself:
must see if you can CSPAN should have it
also on FOXBusiness live now..
Jim Press Chrysler President is a lying liar obfuscator of facts, evader and wielder of vague generalities and the dealers on the panel with him have made that abundantly clear..Press claims he has a log showing chrysler contacted every single dealer, the dealer on the end of the table says he has been contacted exactly once June 2 after Sen Hutchison called Chrysler for him…
I say they are lying , obfuscating facts, evading and wielding of vague generalities, these execs b/c they wont give ANY detailed explanation of metrics used to shut these dealers down, they just keep saying the auto task force was not involved at all, I call BS….ohh Fritz is getting nailed down on how much Car Czar team knew and when.
AHA now it comes Fritz was told on March 31st that they were too slow and Not Aggressive enough, uh huh, see they WERE involved, oh ches….aHA Rattner and Bloom…they cant say how much money it will save to close these dealers down….that was Sen Mike Johanns R-NE asking great questions!
Sen Hutchinson says a NEW dealer will have to be setup in Waco TX b/c all three of them were closed down…
Now Fritz says there was no cost benefit analysis done?? WTF? WTF? No cost benefit analysis of location by location, Chrysler too! wth?!
Press says only non performing dealers are closed, dealer says one guy in WVA who gets to stay open only sold 19 cars last year and has his ‘dealership’ on his front lawn, while he has been closed…
this is the last best chance these dealers have..
Sen Kay Bailey Hutchinson has their back and made Press look like the liar obfuscator he is in her sweet TX way
Amy Klobuchar is taking Press to task now for her MN dealers…
This one Chrsyler dealer his grandfather opened his dealership in 1918, kept it open thru wwii depression etc and is profitable…
check it out, will get clips up as theya re available…
Coast to Coast monorail thats the ticket!
…”a brief reminder that I’ve been expecting this for some time. Video from December 2008, based on a November Iowahawk post. Worst part of having a prophesier’s curse: it doesn’t work on the lottery.:”
1/3rd of GM hourly workers fired with our 50B investment….
General Motors Corp. said Monday it will shutter 17 factories and parts centers by the end of 2011 as part of its plan to restructure under Chapter 11 protection.
The list includes seven factories in Michigan and plants in Ohio, Indiana and Tennessee. Two of the closures had been previously announced, including a castings factory in Massena, N.Y., which closed May 1. Three of the facilities to close are parts centers, and three factories could reopen if market demand rebounds.
The move was expected after GM cut a deal last month with the United Auto Workers as part of its effort to smooth the company’s path through bankruptcy. About 20,000 factory jobs — more than one-third of GM’s U.S. hourly work force — are slated to go under the auto maker’s plans.
The closures also include assembly plants in Orion and Pontiac, Mich., Spring Hill, Tenn., and Wilmington, Del. Stamping plants in Grand Rapids and Pontiac, Mich., Indianapolis, and Mansfield, Ohio, will close. Powertrain factories in Livonia, Flint and Willow Run, Mich., and Parma, Ohio, will close. One idled factory will be converted to a small-car plant where GM will build a subcompact.
SUB compact, as in smaller than a compact???, good grief, maybe TOTUS will give out cars with food stamps cuz I cant see anyone buying a SUBcompact….