This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7766354.stm
The article has changed 7 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| US carmakers' plea under scrutiny | |
| (about 4 hours later) | |
| Bosses from America's big three car companies face a second day of grilling in Congress over their request for a multi-billion dollar bailout. | Bosses from America's big three car companies face a second day of grilling in Congress over their request for a multi-billion dollar bailout. |
| The chiefs of GM, Ford and Chrysler have already faced scepticism from US lawmakers as to whether $34bn (£23bn; 26.6bn euros) in aid would work. | The chiefs of GM, Ford and Chrysler have already faced scepticism from US lawmakers as to whether $34bn (£23bn; 26.6bn euros) in aid would work. |
| On Friday the House financial services committee will hear their plea. | On Friday the House financial services committee will hear their plea. |
| President George W Bush has said "we don't want to put good money after bad" no matter how key the auto industry is. | President George W Bush has said "we don't want to put good money after bad" no matter how key the auto industry is. |
| The House financial services committee chairman, Democrat Barney Frank, has called on President-elect Barack Obama to be rather more assertive on the issue than he has been so far. | The House financial services committee chairman, Democrat Barney Frank, has called on President-elect Barack Obama to be rather more assertive on the issue than he has been so far. |
| The appearance of the three executives in Washington is the second time they have appealed to government for help - just two weeks ago Congress rejected their request for a $25bn loan.The three bosses warned of collapse without a bailout | The appearance of the three executives in Washington is the second time they have appealed to government for help - just two weeks ago Congress rejected their request for a $25bn loan.The three bosses warned of collapse without a bailout |
| In a show of contrition and prudence, this time the men abandoned their private jets and drove to Washington in hybrid cars. | In a show of contrition and prudence, this time the men abandoned their private jets and drove to Washington in hybrid cars. |
| But their sense of urgency has only heightened, with General Motors boss Rick Wagoner warning that without help the company could go under within weeks. | But their sense of urgency has only heightened, with General Motors boss Rick Wagoner warning that without help the company could go under within weeks. |
| The chief executives of Ford and GM have even offered to work for $1 a year if Congress approves the emergency aid. | The chief executives of Ford and GM have even offered to work for $1 a year if Congress approves the emergency aid. |
| The carmakers argued that the collapse of any one of them would have disastrous effects on the whole US economy. | The carmakers argued that the collapse of any one of them would have disastrous effects on the whole US economy. |
| Despite the warning and the view of the general banking committee's chairman Chris Dodd that inaction was not an option, Thursday's six-hour hearing ended without consensus. | Despite the warning and the view of the general banking committee's chairman Chris Dodd that inaction was not an option, Thursday's six-hour hearing ended without consensus. |
| There was plenty of scepticism, mostly from Republicans, reinforced by President Bush who said that any bailout must ensure the companies' long-term viability. | There was plenty of scepticism, mostly from Republicans, reinforced by President Bush who said that any bailout must ensure the companies' long-term viability. |
| Mr Wagoner, Ford's Alan Mulally and Chrysler boss Bob Nardelli all blamed the US recession for decimating sales and leaving their companies in desperate need of cash. | Mr Wagoner, Ford's Alan Mulally and Chrysler boss Bob Nardelli all blamed the US recession for decimating sales and leaving their companies in desperate need of cash. |