Filed under: Government/Legal, Chrysler, LLC., Ford, GM
Federal "Car Czar" could be 9/11 fund organizer
Congress will likely vote this week in favor of giving Detroit automakers at least $15 billion in federal loans, but that healthy chunk of change will come with many strings attached. Several Congressmen have insisted that more concessions come from the UAW, lenders and executives before a cent is sent to Detroit. Another stipulation is a special "Car Czar" to watch over the money and make sure it is being spent wisely. Several congressional officials have mentioned September 11 fund master Kenneth Feinberg as a candidate to keep the automakers in line. Feinberg, who is also an accomplished lawyer, oversaw over $500 million in donations following the September 11 terrorist attacks in 2001. A key element of being "Car Czar" would be wielding the authority to take all the funding back if he determines it's been used improperly.
[Source: The Detroit News]
Reader Comments (Page 1 of 1)
Flashpoint 9:08AM (12/09/2008)
I always argue against people who claim America is moving to socialism but, then the government undermines me with titles like: "Czar"
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Craig 4:23PM (12/09/2008)
It is a slow transition. But ultimately, I believe the US will become a socialist nation.
rndmnme 9:15AM (12/09/2008)
Car Czar?
Bob Lutz is running the show?
I can predict the outcome.
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asdffdsa 11:30AM (12/09/2008)
Looks like it is going to be Paul Volcker.
Let's hope he is a car guy (I highly doubt it)
Shawn 9:15AM (12/09/2008)
Any one else scared the government will now own the banking industry and take control of the automotive industry. These are the same politicians that approved the war in Iraq, produced huge deficits year after year, and every one of them seem to make more money than they are paid.
"...When a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."
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Frylock350 9:24AM (12/09/2008)
Fortunately a new government is coming that opposes pointless wars
Sea Urchin 9:31AM (12/09/2008)
Look these companies are about to die. If government is a share holder it will be a steady investor who will not buy or sell on daily basis. If anything governmet taking a stake in these companies is s good thing. Provides, stability and continuity.
Jon 9:19AM (12/09/2008)
You think Detroit did a bad job anticipating the demands of the auto market?Just wait until the government ,with it's many special interests,gets involved with this socialist car czar bull$#*!.
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Mancini 9:43AM (12/09/2008)
Love the captions!
Keep em coming! :)
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Jei 9:46AM (12/09/2008)
I think "car czar" is just a term that's been thrown around during the govt hearings and repeated numerous times by the media outlets. Besides, "Maximum" Bob Lutz is the only car Czar that I know of.
Appointed the guy that handled the Sept11 Fund isn't any different than hiring a CEO/CFO from some other major financial business. He oversaw $500M in contributions, but now were talking about funding that may approach $150B covering all three US auto giants.
It would probably make sense if this "czar" had some executive/management experience in the auto industry.
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Hamud 10:13AM (12/09/2008)
Mulally caption made me laugh a lot, ahaahaahahah.
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kill the big three losers 10:40AM (12/09/2008)
LMFAO! Now they can put another retard in power that will cost them more money in the long run. They should even use one of their buddies! Why make a car czar from someone who isnt biased. They should only use someone that has no automotive experience, because that makes no sense and that seems to be what the US gov't is all about.
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moyoi 10:45AM (12/09/2008)
"A key element of being "Car Czar" would be wielding the authority to take all the funding back if he determines it's been used improperly."
18B - You get grilled, beat up, and a monkey on your back.
700B - Nothing...at all...
It makes me want to cry.
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asdffdsa 11:33AM (12/09/2008)
that's what we get for handing a former goldman sachs head a blank check book.
he really played congress' fear well.
Wagoner should have got himself appointed head of treasury...
jeff hughes 11:07AM (12/09/2008)
I listen to these politicians talking about retirement funds and health care of the retired auto workers but have they ever said that they would not take a pension for the better of country or do their congressional jobs for $1/year? Why doesn't someone do the homework on how much we taxpayers are shelling out per year for their retirements. My God, look at what a crappy management job they have done. Maybe they should think about "MOVING ON".
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asdffdsa 11:31AM (12/09/2008)
when the govt is done, I'm going to bet most people will have wished the big 3 died so something better could take their place.
Get ready for the Chevy Trabant!
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Luce 1:11PM (12/09/2008)
These captions crack me up :b Keep 'em coming! At least we can laugh at something in this whole debate.
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