Bailout Watch 238: Hearings Begin; Wagoner To Admit Mistakes. Kinda.

Robert Farago
by Robert Farago

Eddy and I are watching the live-stream of the Senate Banking Committee hearings on the bailout. We’ll provide updates as and when. Meanwhile, Automotive News [AN] gets tense. AN reports that GM CEO Rick Wagoner said (read: is going to say) oops, sorry, yeah, I know, we fucked-up [paraphrasing]. “We made mistakes,” Wagoner said in testimony prepared for delivery to the Senate Banking Committee today. GM made many decisions that were ‘right for the times,’ Wagoner said. But the company failed to build enough flexibility into its operations and did not move fast enough to invest in smaller, more fuel-efficient vehicles for the United States, he conceded. Wagoner said the Detroit 3 learned a lot from last month’s “difficult” congressional hearings on their aid requests. For GM, he said, that process accelerated ‘a healthy internal review.'” I’m not going to say it. I’m not going to say it…

Robert Farago
Robert Farago

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