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| Version 1 | Version 2 |
|---|---|
| US carmakers' plea under scrutiny | US carmakers' plea under scrutiny |
| (about 3 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. |
| Admitting mistakes | |
| DETROIT'S BIG THREE US November car sales from a year earlier: GM: down 41% to 154,877Ford: down 30% to 118,818 (excluding Volvo)Chrysler: down 47% to 85,260 | |
| 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. | |
| 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. |
| On Thursday, Mr Wagoner and his Ford counterpart Alan Mulally admitted making mistakes in the way that they have run their businesses. | |
| "We are here today because we made mistakes, and because circumstances beyond our control pushed us to the brink," Mr Wagoner told the Senate banking committee, referring to the global economic downturn. | |
| Chrysler boss Bob Nardelli said that Chrysler had lost $16bn of revenue as a result of plunging car sales this year alone. | |
| Mr Mulally admitted that Ford had "produced more vehicles than our customers wanted, then slashed prices". | |
| Scepticism | |
| The three bosses warned of collapse without a bailout | |
| 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 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. |